Commerce Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-8598

The Commerce Funds

(Exact name of Registrant as specified in charter)

922 Walnut St., Fourth Floor, Mail Code = TB4-1, Kansas City, Missouri 64106

(Address of principal executive offices) (Zip code)

Diana E. McCarthy, Esq.,

Drinker Biddle & Reath LLP

One Logan Square

Suite 2000

Philadelphia, PA 19103-6996

(Name and address of agent for service)

Registrant’s telephone number, including area code:1-800-995-6365

Date of fiscal year end: 10/31

Date of reporting period: 04/30/16

ITEM 1. REPORTS TO SHAREHOLDERS.

The Semi-Annual Report to Shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1) is filed herewith.

The Commerce Funds
The Commerce Funds Semi-Annual Report
April 30, 2016

For Your Life’s Direction
At The Commerce Funds, we’re committed to providing sound investment choices to help you realize your most important financial goals, no matter where life takes you.
We offer a full range of mutual funds managed by Commerce Investment Advisors, Inc., a subsidiary of Commerce Bank. With a choice of 8 portfolios—each targeting a specific investment goal—we make it easy for you to invest with confidence not just today, but throughout all the stages of your life.
Behind each of our Funds is a carefully defined investment philosophy and a commitment to the highest investment standards. This means, whether you are building a nest egg for retirement, planning for your child’s education, or saving for a special need, you can find investment options at The Commerce Funds.
Risk/Reward
The Commerce Funds
MidCap Growth
Growth
Value
Kansas Tax-Free
Intermediate Bond
Missouri Tax-Free
Intermediate Bond
National Tax-Free
Intermediate Bond
Bond
Short-Term Government
Potential Return
Risk
In general, greater returns are associated with greater risks and increased risks create the potential for greater losses.
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. The Commerce Investment Advisors, Inc. (the “Adviser” or “Commerce”) believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
References to a specific company’s securities should not be construed as a recommendation or investment advice and there can be no assurance that as of the date of publication of this report, the securities mentioned in each Fund’s portfolio are still held or that the securities sold have not been repurchased.

COMMERCE FUNDS

Table of Contents

Performance Summaries	2
Schedules of Investments
Growth	3
Value	5
MidCap Growth	7
Bond	9
Short-Term Government	21
National Tax-Free Intermediate Bond	25
Missouri Tax-Free Intermediate Bond	34
Kansas Tax-Free Intermediate Bond	42
Statements of Assets and Liabilities	46
Statements of Operations	48
Statements of Changes in Net Assets	50
Financial Highlights	54
Notes to Financial Statements	62
Other Information	78

Please note:

The information in this semi-annual report is as of April 30, 2016 and is unaudited. The securities mentioned in this report may no longer be held by the Funds. To view more recent information about each Commerce Fund’s performance and portfolio or to obtain a prospectus, please visit our website at www.commercefunds.com. This report is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus, which contains more complete information about the Commerce Funds’ investment policies, management and expenses. Investors should read the prospectus carefully before investing.

You may also receive Commerce Funds information by calling toll free 1-800-995-6365 or by writing to P.O. Box 219525, Kansas City, Missouri, 64121-9525, or you may contact your investment professional. The Commerce Funds publish performance and portfolio information for each Commerce Fund at the end of every calendar quarter. Investors should read the prospectus carefully before investing or sending money.

COMMERCE FUNDS

Performance Summaries

April 30, 2016 (Unaudited)

The following is performance information for the Commerce Funds for various time periods. The returns represent past performance. Past performance is no guarantee of future results. The Funds’ investment returns and principal values will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Funds are not subject to a sales charge, so a sales charge is not applied to their total returns. In addition to the Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Funds. Please visit our website at www.commercefunds.com to obtain the most recent month-end returns.

Performance Review
November 1, 2015 - April 30, 2016	Fund Total  Return(a)			Index Total Return			Index
Equity Funds:
Growth		2.53	%		–1.37	%	Russell 1000® Growth(b)
Value		4.71			1.93		Russell 1000® Value(c)
MidCap Growth		2.32			–1.54		Russell Midcap® Growth(d)
Fixed Income Funds:
Bond		2.40			2.82		Barclays U.S. Aggregate Bond(e)
Short-Term Government		0.62			1.07		Citigroup 1-5 Year Treasury/Government  Sponsored(f)
National Tax-Free Intermediate Bond		3.18			3.09		Barclays 3-15 Year Blend Municipal Bond(g)
Missouri Tax-Free Intermediate Bond		2.73			3.09		Barclays 3-15 Year Blend Municipal Bond(g)
Kansas Tax-Free Intermediate Bond		2.44			3.09		Barclays 3-15 Year Blend Municipal Bond(g)

(a) Returns reflect any fee waivers or expense reductions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(b) The Russell 1000® Growth Index, an unmanaged index, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, taxes or expenses.

(c) The Russell 1000® Value Index, an unmanaged index, measures the performance of the large-cap value segment of the U.S. equity universe. It includes Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Index figures do not reflect any deduction for fees, taxes or expenses.

(d) The Russell Midcap® Growth Index, an unmanaged index, measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, taxes or expenses.

(e) The Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities. The Index figures do not reflect any deduction for fees, taxes or expenses.

(f) The Citigroup 1-5 Year Treasury/Government Sponsored Index is an unmanaged index comprised of Treasury securities with a minimum principal amount of $1 billion and U.S. Government securities with a minimum principal amount of $100 million. The securities range in maturity from one to five years. The Index figures do not reflect any deduction for fees, taxes or expenses.

(g) The Barclays 3-15 Year Blend Municipal Bond Index is an unmanaged index comprised of investment-grade municipal securities ranging from 2 to 17 years in maturity. The Index figures do not reflect any deduction for fees, taxes or expenses.

Standardized Total Returns(h)
For the period ended 03/31/2016	One Year			Five Years			Ten Years			Since Inception			Inception Date
Equity Funds:
Growth		5.77	%		11.54	%		7.04	%		8.16	%		12/12/94
Value		3.73			11.92			6.19			6.26			3/3/97
MidCap Growth		1.13			8.82			6.60			8.16			12/12/94
Fixed Income Funds:
Bond		0.96			4.05			5.69			5.95			12/12/94
Short-Term Government		0.73			1.28			3.03			4.17			12/12/94
National Tax-Free Intermediate Bond		3.47			4.98			4.45			4.70			2/21/95
Missouri Tax-Free Intermediate Bond		2.92			4.04			3.93			4.37			2/21/95
Kansas Tax-Free Intermediate Bond		2.73			4.23			4.04			4.19			12/26/00

(h) The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Current performance may be lower or higher than the total return figures in the above table.

Returns reflect any fee waivers or expense reductions. Absent these waivers and reductions, returns would have been lower. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Expense Ratios(i)
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Reimbursement)
Equity Funds:
Growth		0.82	%		0.82	%
Value		0.72			0.75
MidCap Growth		0.90			0.90
Fixed Income Funds:
Bond		0.68			0.68
Short-Term Government		0.68			0.83
National Tax-Free Intermediate Bond		0.65			0.65
Missouri Tax-Free Intermediate Bond		0.67			0.67
Kansas Tax-Free Intermediate Bond		0.72			0.85

(i) The Funds’ expense ratios, both current (net of applicable fee waivers and/or expense reimbursements) and gross (before fee waivers and/or expense reimbursements), set forth above are as of the most recent publicly available prospectus for the Funds (March 1, 2016) and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Adviser has contractually agreed to reduce or limit the Total Annual Fund Operating Expenses, excluding interest, taxes, acquired fund fees and expenses and extraordinary expenses. This agreement will remain in place through March 1, 2017. After this date, the Adviser or a Fund may terminate the contractual arrangement. If this occurs, the expense ratios may change without shareholder approval.

2

COMMERCE GROWTH FUND

Schedule of Investments

April 30, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – 93.4%
	Commercial Services – 1.9%
	6,500	Moody’s Corp.		$     622,180
	19,200	Tyco International PLC		739,584
				1,361,764
	Communications – 2.6%
	21,374	AT&T, Inc.		829,739
	21,400	Verizon Communications, Inc.		1,090,116
				1,919,855
	Consumer Durables – 0.6%
	10,366	Newell Brands, Inc.		472,047
	Consumer Non-Durables – 12.5%
	13,100	Altria Group, Inc.		821,501
	12,200	Colgate-Palmolive Co.		865,224
	7,300	Dr Pepper Snapple Group, Inc.		663,643
	10,900	Kellogg Co.		837,229
	6,100	Kimberly-Clark Corp.		763,659
	10,100	Mead Johnson Nutrition Co.		880,215
	13,400	Nike, Inc. Class B		789,796
	7,900	PepsiCo, Inc.		813,384
	8,200	Philip Morris International, Inc.		804,584
	23,600	The Coca-Cola Co.		1,057,280
	7,900	The Estee Lauder Cos., Inc. Class A		757,373
				9,053,888
	Consumer Services – 5.6%
	15,700	CBS Corp. Class B		877,787
	13,000	Comcast Corp. Class A		789,880
	3,200	Panera Bread Co. Class A*		686,368
	28,000	Service Corp. International		746,760
	9,400	The Walt Disney Co.		970,644
				4,071,439
	Distribution Services – 2.1%
	5,000	McKesson Corp.		839,100
	3,100	W.W. Grainger, Inc.		727,012
				1,566,112
	Electronic Technology – 9.8%
	34,400	Apple, Inc.		3,224,656
	22,900	Intel Corp.		693,412
	3,600	Lockheed Martin Corp.		836,568
	7,300	Rockwell Collins, Inc.		643,787
	6,610	The Boeing Co.		891,028
	5,800	Thermo Fisher Scientific, Inc.		836,650
				7,126,101
	Finance – 11.5%
	7,500	Ameriprise Financial, Inc.		719,250
	9,200	Crown Castle International Corp.		799,296
	6,900	Erie Indemnity Co. Class A		651,291
	7,900	Extra Space Storage, Inc.		671,105
	13,000	Fidelity National Information Services, Inc.		855,400

Shares		Description	Value
	Common Stocks – (continued)
	Finance – (continued)
	3,100	Intercontinental Exchange, Inc.		$     744,093
	22,300	Invesco Ltd.		691,523
	8,200	Mastercard, Inc. Class A		795,318
	3,100	Public Storage		758,911
	10,500	T. Rowe Price Group, Inc.		790,545
	11,300	Visa, Inc. Class A		872,812
				8,349,544
	Health Services* – 1.2%
	15,000	Cerner Corp.		842,100
	Health Technology – 7.9%
	5,700	Amgen, Inc.		902,310
	5,300	Becton Dickinson & Co.		854,678
	7,400	Bio-Techne Corp.		689,532
	3,600	C. R. Bard, Inc.		763,812
	8,900	Gilead Sciences, Inc.*		785,069
	7,800	Johnson & Johnson		874,224
	7,800	Stryker Corp.		850,278
				5,719,903
	Industrial Services – 1.1%
	13,800	Waste Management, Inc.		811,302
	Process Industries – 5.1%
	21,800	Donaldson Co, Inc.		712,424
	6,700	Ecolab, Inc.		770,366
	8,200	Monsanto Co.		768,176
	14,200	RPM International, Inc.		717,526
	9,400	W.R. Grace & Co.*		720,792
				3,689,284
	Producer Manufacturing – 7.4%
	24,200	Allison Transmission Holdings, Inc.		697,202
	14,200	AMETEK, Inc.		682,878
	7,600	Honeywell International, Inc.		868,452
	8,500	Illinois Tool Works, Inc.		888,420
	4,900	Lennox International, Inc.		661,255
	2,000	Mettler-Toledo International, Inc.*		715,900
	8,300	United Technologies Corp.		866,271
				5,380,378
	Retail Trade – 10.6%
	2,200	Amazon.com, Inc.*		1,451,098
	1,000	AutoZone, Inc.*		765,230
	8,200	CVS Health Corp.		824,100
	8,900	Dollar Tree, Inc.*		709,419
	10,400	Lowe’s Cos., Inc.		790,608
	14,000	Ross Stores, Inc.		794,920
	6,000	The Home Depot, Inc.		803,340
	21,000	The Kroger Co.		743,190
	2,900	The Sherwin-Williams Co.		833,199
				7,715,104

The accompanying notes are an integral part of these financial statements. 3

COMMERCE GROWTH FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Technology Services – 12.4%
	8,700	Adobe Systems, Inc.*		$     819,714
	2,900	Alphabet, Inc. Class A*		2,052,852
	403	Alphabet, Inc. Class C*		279,283
	9,200	Automatic Data Processing, Inc.		813,648
	12,800	Facebook, Inc. Class A*		1,505,024
	8,300	Fiserv, Inc.*		811,076
	8,600	Jack Henry & Associates, Inc.		696,858
	25,100	Microsoft Corp.		1,251,737
	15,200	Paychex, Inc.		792,224
				9,022,416
	Transportation – 1.1%
	7,700	United Parcel Service, Inc. Class B		809,039
	TOTAL COMMON STOCKS
	(Cost $53,476,483)			$67,910,276
	Exchange Traded Fund – 3.9%
	28,400	iShares Russell 1000 Growth Index Fund
	(Cost $2,821,757)			$  2,807,340

Principal Amount	Interest Rate			Maturity Date	Value
Short-term Investment(a) – 2.8%
Repurchase Agreement – 2.8%
State Street Bank & Trust Co.
$     2,001,000		0.010	%	05/02/16	$	2,001,000
Maturity Value: $2,001,000
(Cost $2,001,000)
TOTAL INVESTMENTS – 100.1%
(Cost $58,299,240)					$	72,718,616
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%						(48,661)
NET ASSETS – 100.0%					$	72,669,955

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Repurchase agreement was entered into on April 29, 2016. This agreement was fully collateralized by $1,960,000 U.S. Treasury Note, 2.125%, due 01/31/21 with a market value of $2,044,909.

PORTFOLIO COMPOSITION

	AS OF 4/30/2016			AS OF 10/31/15
Consumer Non-Durables		12.5	%		13.5	%
Technology Services		12.4			12.4
Finance		11.5			9.8
Retail Trade		10.6			10.8
Electronic Technology		9.8			11.3
Health Technology		7.9			8.6
Producer Manufacturing		7.4			7.4
Consumer Services		5.6			5.3
Process Industries		5.1			5.2
Exchange Traded Fund		3.9			3.0
Communications		2.6			2.5
Distribution Services		2.1			1.7
Commercial Services		1.9			2.0
Health Services		1.2			1.1
Industrial Services		1.1			1.2
Transportation		1.1			1.1
Consumer Durables		0.6			0.8
Short-term Investment		2.8			1.3
TOTAL INVESTMENTS		100.1	%		99.0	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of investment companies, including exchange traded funds, held by the Fund are not reflected in the table above. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such, its composition may differ over time.

4 The accompanying notes are an integral part of these financial statements.

COMMERCE VALUE FUND

Schedule of Investments

April 30, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – 94.7%
	Commercial Services – 1.8%
	125,000	Corrections Corp. of America		$     3,802,500
	Communications – 5.5%
	200,000	AT&T, Inc.		7,764,000
	75,000	Verizon Communications, Inc.		3,820,500
				11,584,500
	Consumer Durables – 1.9%
	67,000	Tupperware Brands Corp.		3,890,690
	Consumer Non-Durables – 7.3%
	61,000	Altria Group, Inc.		3,825,310
	99,000	Coach, Inc.		3,986,730
	46,500	Procter & Gamble Co.		3,725,580
	76,000	Reynolds American, Inc.		3,769,600
				15,307,220
	Consumer Services – 1.8%
	30,500	McDonald’s Corp.		3,857,945
	Electronic Technology – 7.5%
	140,000	Cisco Systems, Inc.		3,848,600
	17,000	Lockheed Martin Corp.		3,950,460
	80,000	Microchip Technology, Inc.		3,887,200
	30,500	The Boeing Co.		4,111,400
				15,797,660
	Energy Minerals – 9.4%
	4,453	California Resources Corp.		9,797
	92,000	Chevron Corp.		9,400,560
	70,000	Exxon Mobil Corp.		6,188,000
	54,500	Occidental Petroleum Corp.		4,177,425
				19,775,782
	Finance – 24.3%
	42,500	Ameriprise Financial, Inc.		4,075,750
	88,500	Arthur J. Gallagher & Co.		4,074,540
	119,000	BB&T Corp.		4,210,220
	60,000	Cincinnati Financial Corp.		3,960,600
	73,000	Cullen/Frost Bankers, Inc.		4,671,270
	142,000	JPMorgan Chase & Co.		8,974,400
	137,000	Kimco Realty Corp.		3,852,440
	99,000	Principal Financial Group, Inc.		4,225,320
	54,000	T. Rowe Price Group, Inc.		4,065,660
	175,000	Wells Fargo & Co.		8,746,500
				50,856,700
	Health Technology – 8.4%
	53,500	Johnson & Johnson		5,996,280
	103,500	Merck & Co., Inc.		5,675,940
	185,000	Pfizer, Inc.		6,051,350
				17,723,570
	Industrial Services – 1.9%
	67,000	Waste Management, Inc.		3,938,930

Shares		Description	Value
	Common Stocks – (continued)
	Process Industries – 3.9%
	69,000	Packaging Corp. of America		$     4,476,720
	80,000	Sonoco Products Co.		3,751,200
				8,227,920
	Producer Manufacturing – 7.0%
	51,000	Caterpillar, Inc.		3,963,720
	71,000	Emerson Electric Co.		3,878,730
	220,000	General Electric Co.		6,765,000
				14,607,450
	Retail Trade – 1.8%
	48,000	Target Corp.		3,816,000
	Technology Services – 5.3%
	25,500	International Business Machines Corp.		3,721,470
	70,000	Microsoft Corp.		3,490,900
	73,000	Paychex, Inc.		3,804,760
				11,017,130
	Utilities – 6.9%
	53,000	Dominion Resources, Inc.		3,787,910
	30,000	NextEra Energy, Inc.		3,527,400
	96,000	PPL Corp.		3,613,440
	70,000	The Southern Co.		3,507,000
				14,435,750
	TOTAL COMMON STOCKS
	(Cost $175,103,365)			$198,639,747
	Exchange Traded Fund – 3.6%
	75,000	iShares Russell 1000 Value Index Fund
	(Cost $7,452,406)			$    7,566,750

Principal Amount	Interest Rate			Maturity Date		Value
Short-term Investment(a) – 1.4%
Repurchase Agreement – 1.4%
State Street Bank & Trust Co.
$2,871,000		0.010	%		05/02/16	$	2,871,000
Maturity Value: $2,871,000
(Cost $2,871,000)
TOTAL INVESTMENTS – 99.7%
(Cost $185,426,771)						$	209,077,497
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%							568,678
NET ASSETS – 100.0%						$	209,646,175

The accompanying notes are an integral part of these financial statements. 5

COMMERCE VALUE FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Repurchase agreement was entered into on April 29, 2016. This agreement was fully collateralized by $2,810,000 U.S. Treasury Note, 2.125%, due 01/31/21 with a market value of $2,931,732.

PORTFOLIO COMPOSITION

	AS OF 4/30/2016			AS OF 10/31/15
Finance		24.3	%		23.8	%
Energy Minerals		9.4			11.2
Health Technology		8.4			8.4
Electronic Technology		7.5			6.0
Consumer Non-Durables		7.3			9.7
Producer Manufacturing		7.0			6.2
Utilities		6.9			6.1
Communications		5.5			3.7
Technology Services		5.3			4.1
Process Industries		3.9			4.2
Exchange Traded Fund		3.6			3.8
Industrial Services		1.9			3.5
Consumer Durables		1.9			2.1
Consumer Services		1.8			3.2
Retail Trade		1.8			1.7
Commercial Services		1.8			—
Distribution Services		—			1.8
Short-term Investments		1.4			0.3
TOTAL INVESTMENTS		99.7	%		99.8	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of investment companies including exchange traded funds, held by the Fund are not reflected in the table above. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such, its composition may differ over time.

6 The accompanying notes are an integral part of these financial statements.

COMMERCE MIDCAP GROWTH FUND

Schedule of Investments

April 30, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – 89.6%
	Commercial Services – 6.9%
	8,600	Equifax, Inc.		$   1,034,150
	11,000	Gartner, Inc.*		958,870
	24,900	KAR Auction Services, Inc.		936,240
	13,300	MSCI, Inc.		1,010,002
	17,100	Nielsen Holdings PLC		891,594
	9,400	The Dun & Bradstreet Corp.		1,037,854
				5,868,710
	Communications* – 1.2%
	9,700	SBA Communications Corp. Class A		999,488
	Consumer Durables – 5.2%
	18,800	Harley-Davidson, Inc.		899,204
	5,200	Mohawk Industries, Inc.*		1,001,676
	14,137	Newell Brands, Inc.		643,790
	10,900	The Toro Co.		942,305
	5,500	Whirlpool Corp.		957,770
				4,444,745
	Consumer Non-Durables – 9.4%
	10,700	Brown-Forman Corp. Class B		1,030,624
	9,400	Carter’s, Inc.		1,002,698
	10,900	Church & Dwight Co., Inc.		1,010,430
	18,700	Coca-Cola Enterprises, Inc.		981,376
	6,400	Constellation Brands, Inc. Class A		998,784
	10,800	Dr Pepper Snapple Group, Inc.		981,828
	10,800	McCormick & Co., Inc.		1,012,824
	10,600	The Hershey Co.		986,966
				8,005,530
	Consumer Services – 7.0%
	13,900	Marriott International, Inc. Class A		974,251
	4,700	Panera Bread Co. Class A*		1,008,103
	49,800	Regal Entertainment Group Class A		1,038,330
	35,750	Rollins, Inc.		960,603
	39,600	Service Corp. International		1,056,132
	12,800	Wyndham Worldwide Corp.		908,160
				5,945,579
	Distribution Services – 1.2%
	4,400	W.W. Grainger, Inc.		1,031,888
	Electronic Technology – 8.1%
	16,600	Amphenol Corp. Class A		926,778
	43,600	Cadence Design Systems, Inc.*		1,011,084
	13,200	Harris Corp.		1,056,132
	22,800	Linear Technology Corp.		1,014,144
	13,200	Motorola Solutions, Inc.		992,508
	10,300	Rockwell Collins, Inc.		908,357
	4,500	TransDigm Group, Inc.*		1,025,415
				6,934,418
	Finance – 10.0%
	7,400	Boston Properties, Inc.		953,564
	14,700	CBOE Holdings, Inc.		910,812
	11,000	Crown Castle International Corp.		955,680
	10,300	Erie Indemnity Co. Class A		972,217

Shares		Description	Value
	Common Stocks – (continued)
	Finance  – (continued)
	6,200	Federal Realty Investment Trust		$     942,896
	4,000	Intercontinental Exchange, Inc.		960,120
	30,600	Invesco Ltd.		948,906
	10,900	Morningstar, Inc.		906,880
	13,100	T. Rowe Price Group, Inc.		986,299
				8,537,374
	Health Services* – 3.1%
	9,267	Centene Corp.		574,183
	18,800	Cerner Corp.		1,055,432
	8,300	Laboratory Corp. of America Holdings		1,040,156
				2,669,771
	Health Technology – 6.8%
	11,000	Bio-Techne Corp.		1,024,980
	4,800	C. R. Bard, Inc.		1,018,416
	13,832	DENTSPLY SIRONA, Inc.		824,387
	27,700	Hologic, Inc.*		930,443
	6,400	The Cooper Cos., Inc.		979,712
	9,200	Zimmer Biomet Holdings, Inc.		1,065,084
				5,843,022
	Process Industries – 2.5%
	20,000	Crown Holdings, Inc.*		1,059,200
	20,700	RPM International, Inc.		1,045,971
				2,105,171
	Producer Manufacturing – 9.4%
	37,100	Allison Transmission Holdings, Inc.		1,068,851
	19,400	AMETEK, Inc.		932,946
	10,400	Armstrong Flooring, Inc.*		151,424
	20,800	Armstrong World Industries, Inc.*		848,848
	11,100	Graco, Inc.		870,129
	12,300	IDEX Corp.		1,007,370
	2,800	Mettler-Toledo International, Inc.*		1,002,260
	17,200	PACCAR, Inc.		1,013,252
	7,900	Valmont Industries, Inc.		1,109,002
				8,004,082
	Retail Trade – 10.6%
	1,300	AutoZone, Inc.*		994,799
	12,133	Dollar Tree, Inc.*		967,121
	21,200	Dunkin’ Brands Group, Inc.		985,800
	16,700	Foot Locker, Inc.		1,026,048
	19,800	Nordstrom, Inc.		1,012,374
	3,800	O’Reilly Automotive, Inc.*		998,184
	18,000	Ross Stores, Inc.		1,022,040
	3,400	The Sherwin-Williams Co.		976,854
	17,700	Williams-Sonoma, Inc.		1,040,406
				9,023,626
	Technology Services – 7.0%
	10,900	ANSYS, Inc.*		989,393
	9,600	Fiserv, Inc.*		938,112
	12,400	Jack Henry & Associates, Inc.		1,004,772
	17,800	Paychex, Inc.		927,736

The accompanying notes are an integral part of these financial statements. 7

COMMERCE MIDCAP GROWTH FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Technology Services – (continued)
	29,200	PTC, Inc.*		$  1,064,632
	20,500	Total System Services, Inc.		1,048,370
				5,973,015
	Transportation – 1.2%
	15,700	Landstar System, Inc.		1,029,135
	TOTAL COMMON STOCKS
	(Cost $63,966,815)			$76,415,554
	Exchange Traded Fund – 3.5%
	32,400	iShares Russell Midcap Growth Index Fund
	(Cost $3,084,223)			$  2,982,096

Principal Amount	Interest Rate			Maturity Date	Value
Short-term Investment(a) – 5.3%
Repurchase Agreement – 5.3%
State Street Bank & Trust Co.
$   4,543,000		0.010	%	05/02/16	$	4,543,000
Maturity Value: $4,543,000
(Cost $4,543,000)
TOTAL INVESTMENTS – 98.4%
(Cost $71,594,038)					$	83,940,650
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6%						1,370,209
NET ASSETS – 100.0%					$	85,310,859

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Repurchase agreement was entered into on April 29, 2016. This agreement was fully collateralized by $4,445,000 U.S. Treasury Note, 2.125%, due 01/31/21 with a market value of $4,637,562.

PORTFOLIO COMPOSITION

	AS OF 4/30/2016			AS OF 10/31/15
Retail Trade		10.6	%		10.2	%
Finance		10.0			9.8
Consumer Non-Durables		9.4			9.7
Producer Manufacturing		9.4			9.9
Electronic Technology		8.1			8.6
Technology Services		7.0			6.4
Consumer Services		7.0			8.2
Commercial Services		6.9			7.4
Health Technology		6.8			8.3
Consumer Durables		5.2			4.5
Exchange Traded Fund		3.5			4.8
Health Services		3.1			3.6
Process Industries		2.5			2.5
Distribution Services		1.2			1.2
Transportation		1.2			1.1
Communications		1.2			1.3
Short-term Investment		5.3			2.6
TOTAL INVESTMENTS		98.4	%		100.1	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of investment companies, including exchange traded funds, held by the Fund are not reflected in the table above. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such, its composition may differ over time.

8 The accompanying notes are an integral part of these financial statements.

COMMERCE BOND FUND

Schedule of Investments

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – 13.3%
Auto – 3.1%
Avis Budget Rental Car Funding AESOP LLC Series 2015-2A, Class A(a)
$  5,200,000		2.630	%	12/20/21	$	5,202,481
CPS Auto Trust Series 2012-B, Class A(a)
418,662		2.520		09/16/19		419,657
Exeter Automobile Receivables Trust Series 2014-3A, Class A(a)
815,710		1.320		01/15/19		813,730
Flagship Credit Auto Trust Series 2013-1, Class A(a)
22,800		1.320		04/16/18		22,790
Ford Credit Auto Owner Trust Series 2016-REV1, Class A(a)
7,000,000		2.310		08/15/27		7,044,039
Ford Credit Floorplan Master Owner Trust Series 2012-2, Class A
3,000,000		1.920		01/15/19		3,014,963
Hertz Vehicle Financing II LP Series 2015-2A, Class A(a)
5,000,000		2.020		09/25/19		4,992,637
NextGear Floorplan Master Owner Trust Series 2015-1A, Class A(a)
4,500,000		1.800		07/15/19		4,474,049
Oscar US Funding Trust Series 2014-1A, Class A3(a)
7,450,000		1.720		04/15/19		7,356,293
						33,340,639
Commercial – 0.0%
Small Business Administration Series 2006-P10B, Class 1
11,315		5.681		08/10/16		11,442
Credit Card – 0.6%
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1
5,680,000		2.250		07/17/23		5,728,313
Equipment(a) – 0.9%
Cronos Containers Program Ltd. Series 2013-1A, Class A
700,000		3.080		04/18/28		661,907
Cronos Containers Program Ltd. Series 2014-2A, Class A
4,212,963		3.270		11/18/29		3,996,058
Dong Fang Container Finance II SPV Ltd. Series 2014-1A, Class A1
2,970,833		1.950		11/25/39		2,938,408
Global SC Finance SRL Series 2013-1A, Class A
2,058,000		2.980		04/17/28		1,943,298
						9,539,671
Home Equity – 4.9%
Accredited Mortgage Loan Trust Series 2004-4, Class A1B(b)
1,231,270		1.213		01/25/35		1,185,985
Ameriquest Mortgage Securities, Inc. Series 2004-FR1W, Class A6(b)
1,486,817		4.640		05/25/34		1,484,643
Chase Funding Mortgage Loan Asset-Backed Certificates Series 2002-3, Class 1A5(c)
2,529,736		5.907		06/25/32		2,462,581

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Home Equity – (continued)
Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-1, Class 2A2(b)
$  4,310,762		0.893	%	12/25/33	$	4,024,536
Countrywide Asset-Backed Certificates Series 2004-BC5, Class M2(b)
1,214,056		1.273		10/25/34		1,210,283
Countrywide Asset-Backed Certificates Series 2005-SD2, Class M2(a)(b)
2,653,999		1.528		08/25/35		2,574,763
Countrywide Asset-Backed Certificates Series 2007-QH1, Class A1(a)(b)
758,816		0.639		02/25/37		535,203
Equifirst Mortgage Loan Trust Series 2003-2, Class 2A2(c)
447,649		4.250		09/25/33		450,974
Equity One ABS, Inc. Series 2004-2, Class AF5(c)
450,000		5.699		07/25/34		446,631
Home Partners of America Trust Seriies 2016-1, Class A(a)(b)
5,037,510		2.086		03/17/33		5,021,355
Invitation Homes Trust Series 2013-SFR1, Class A(a)(b)
3,337,913		1.586		12/17/30		3,316,720
Invitation Homes Trust Series 2015-SFR2, Class A(a)(b)
4,404,787		1.786		06/17/32		4,392,438
Irwin Home Equity Series 2005-A, Class A3(b)
1,194,205		1.193		02/25/34		1,155,983
JPMorgan Mortgage Acquisition Corp. Series 2006-CH1, Class A5(b)
3,300,000		0.663		07/25/36		3,141,215
Morgan Stanley ABS Capital I, Inc. Trust Series 2005-HE1, Class M1(b)
6,650,000		1.111		12/25/34		5,915,709
Progress Residential Trust Series 2015-SFR3, Class A(a)
3,522,000		3.067		11/12/32		3,583,021
Renaissance Home Equity Loan Trust Series 2005-3, Class AF3(c)
334,017		4.814		11/25/35		336,740
Renaissance Home Equity Loan Trust Series 2005-3, Class AF4(c)
1,125,000		5.140		11/25/35		1,068,487
Residential Asset Mortgage Products, Inc. Series 2003-RZ3, Class A6(c)
240,165		3.900		03/25/33		244,330
Residential Asset Mortgage Products, Inc. Series 2003-RZ4, Class A6(c)
2,117,482		5.990		10/25/33		2,204,775
Southern Pacific Secured Asset Corp. Series 1998-2, Class A7(c)
2,339,114		6.740		07/25/29		2,402,720
Structured Asset Investment Loan Trust Series 2003-BC5, Class M1(b)
1,147,394		1.558		06/25/33		1,111,716
Structured Asset Securities Corp. Series 2005-9XS, Class 1A3A(c)
1,148,379		5.250		06/25/35		1,154,617

The accompanying notes are an integral part of these financial statements. 9

COMMERCE BOND FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Home Equity – (continued)
Terwin Mortgage Trust Series 2005-16HE, Class AF2(c)
$     226,763		4.338	%	09/25/36	$	232,499
Wells Fargo Home Equity Trust Series 2006-2, Class A4(b)
2,815,651		0.683		07/25/36		2,663,027
						52,320,951
Manufactured Housing – 0.2%
Green Tree Financial Corp. Series 1993-4, Class A5
50,871		7.050		01/15/19		51,801
Green Tree Financial Corp. Series 1997-3, Class A6
17,963		7.320		03/15/28		18,724
Green Tree Financial Corp. Series 1998-3, Class A5
1,628,576		6.220		03/01/30		1,713,988
Green Tree Financial Corp. Series 1998-3, Class A6(b)
203,413		6.760		03/01/30		216,632
Lehman Manufactured Housing Contract Series 2001-B, Class A3
117,238		4.350		04/15/40		118,813
Mid-State Trust Series 11, Class A1
268,430		4.864		07/15/38		285,151
						2,405,109
Other – 2.0%
FirstKey Lending Trust Series 2015-SFR1, Class A(a)
683,752		2.553		03/09/47		677,148
GreatAmerica Leasing Receivables Funding LLC Series 2016-1, Class A3(a)
3,500,000		1.730		06/20/19		3,487,957
Longtrain Leasing III LLC Series 2015-1A, Class A1(a)
5,226,391		2.980		01/15/45		5,035,347
State of Hawaii Department of Business Economic Development & Tourism Series 2014-A, Class A2
8,000,000		3.242		01/01/31		8,201,920
TAL Advantage V LLC Series 2014-3A, Class A(a)
4,291,667		3.270		11/21/39		4,041,188
						21,443,560
Student Loans – 1.6%
Navient Private Education Loan Trust Series 2015-AA, Class A2A(a)
8,000,000		2.650		12/15/28		7,886,888
Northstar Education Finance, Inc. Series 2005-1, Class A5(b)
808,104		1.384		10/30/45		781,622
SLM Student Loan Trust Series 2011-A, Class A2(a)
4,300,000		4.370		04/17/28		4,445,430
South Carolina Student Loan Corp. Series 2015-A, Class A(b)
4,729,054		1.933		01/25/36		4,294,805
						17,408,745
TOTAL ASSET-BACKED SECURITIES
(Cost $139,676,630)					$	142,198,430

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – 7.8%
California – 1.4%
Anaheim California Public Financing Authority Revenue Bonds Build America Bonds
$  4,000,000		5.685	%	10/01/40	$	4,925,640
Hillsborough School District GO Bonds Capital Appreciation Election 2002 C(d)
10,590,000		0.000		09/01/42		2,262,977
11,420,000		0.000		09/01/43		2,249,626
Napa Valley Unified School District GO Bonds (Build America Bonds-Taxable) Series B
3,000,000		6.507		08/01/43		3,923,130
San Mateo Union High School District GO Bonds Refunding Taxable Series B
2,055,000		2.520		09/01/20		2,128,096
						15,489,469
District of Columbia – 0.5%
Metropolitan Washington D.C. Airport Authority System Revenue Bonds Series B
5,000,000		5.250		10/01/25		5,715,700
Florida – 0.2%
Inland Protection Financing Corp. Florida Revenue Bonds Build America Bonds Series 2010
2,000,000		4.700		07/01/19		2,153,640
Idaho – 0.4%
Idaho Housing & Finance Association Economic Development Revenue Bonds Taxable (Facilities Project) Series 2011
4,100,000		7.000		01/01/31		4,752,761
Illinois – 0.2%
Will County Community Consolidated School District No. 30-C Troy Township Taxable GO Series 2007 (AGM)
1,100,000		5.650		10/01/18		1,160,907
Will County Forest Preservation District GO Bonds Build America Bonds Direct Payment Series 2009
1,000,000		5.700		12/15/27		1,234,850
						2,395,757
Indiana – 0.5%
Indianapolis Multi-School Building Corp. Revenue Bonds (Refunding First Mortgage)
5,000,000		3.000		01/15/26		5,054,900
Maryland – 0.1%
Baltimore County Maryland GO Bonds Build America Bonds Consolidated Public Improvement Series B
1,000,000		5.000		11/01/23		1,107,470
Michigan – 0.3%
Cedar Springs MI Public School District GO Bonds (Taxable-Refunding) Series B
1,800,000		2.035		05/01/21		1,800,000
Utica Community Schools GO Bonds (Taxable-Qualified School Construction-Direct Payment)
1,500,000		5.875		05/01/22		1,627,365
						3,427,365

10 The accompanying notes are an integral part of these financial statements.

COMMERCE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – 1.1%
Curators University of Missouri System Facilities Revenue Bonds Build America Bonds
$  2,500,000		5.792	%	11/01/41	$	3,417,500
Missouri Joint Municipal Electric Utility Commission Power Project Revenue Bonds Build America Bonds Series 2009
2,000,000		5.078		01/01/17		2,053,600
Missouri State Highways & Transit Commission State Road Revenue Bonds Build America Bonds Series 2010
2,800,000		4.820		05/01/23		3,282,888
New Liberty Hospital District Revenue Bonds Build America Bonds Series B
1,345,000		5.704		12/01/19		1,476,501
Saint Louis Special Administrative Board of The Transitional School District GO Bonds (Taxable-Refunding) (MO Direct Deposit) Series B
1,800,000		4.000		04/01/17		1,848,996
						12,079,485
Nevada – 0.3%
Clark County Nevada Sales & Excise Tax Revenue Bonds Build America Bonds Series C
2,525,000		5.100		07/01/21		2,810,123
New Jersey – 0.4%
New Jersey State Economic Development Authority Revenue Bonds (Taxable-Refunding) (School Facilities Construction) Series QQ
3,000,000		1.802		06/15/17		3,012,210
New Jersey State Higher Education Student Assistance Authority Revenue Bonds Student Loan Series 1A (AMT)
1,250,000		4.000		12/01/19		1,330,925
						4,343,135
New York – 0.6%
New York GO Build America Bonds Series 2010
2,000,000		4.908		06/01/21		2,277,040
1,055,000		5.008		06/01/22		1,216,035
New York Housing Development Corporation Multi-Family Housing Revenue Bonds Taxable Series I
2,600,000		1.921		11/01/18		2,647,372
						6,140,447
Ohio – 0.4%
Ohio State GO Build America Bonds Series 2010
2,500,000		3.000		11/01/18		2,618,250
Ohio State GO Build America Bonds Taxable Conservation Project Direct Payment Series C
1,960,000		4.471		03/01/19		2,131,519
						4,749,769
Pennsylvania – 0.4%
State Public School Building Authority Revenue Bonds (Qualified School Construction Bonds)
3,000,000		6.495		09/15/28		3,764,490

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Puerto Rico – 0.3%
Puerto Rico Electric Power Authority Revenue Bonds (Refunding) Series VV
$  1,100,000		5.500	%	07/01/20	$	657,261
Puerto Rico Electric Power Authority Revenue Bonds (Refunding) Series ZZ
3,400,000		5.250		07/01/18		2,059,210
						2,716,471
Rhode Island – 0.2%
Rhode Island Convention Center Authority Revenue Bonds Taxable Civic Center Series A (AGM)
2,155,000		5.810		05/15/16		2,158,319
South Carolina – 0.3%
South Carolina State Housing Finance & Development Authority Revenue Bonds Refunding Taxable PAC Series A-2 (FHA)
2,610,000		4.000		07/01/34		2,703,334
Washington – 0.2%
Seattle Municipal Light & Power Revenue Bonds Taxable Clean Renewable Energy Bonds Series C
2,000,000		3.750		06/01/33		2,032,660
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $75,564,945)					$	83,595,295
Mortgage-Backed Obligations – 21.5%
Collateralized Mortgage Obligations – 14.4%
Adjustable Rate Mortgage Trust Series 2004-5, Class 3A1(b)
$  1,472,616		2.835	%	04/25/35	$	1,457,957
Agate Bay Mortgage Loan Trust Series 2015-3, Class A8(a)(b)
2,312,337		3.000		04/25/45		2,348,540
Agate Bay Mortgage Loan Trust Series 2016-1, Class A5(a)(b)
6,244,541		3.500		12/25/45		6,364,067
Agate Bay Mortgage Loan Trust Series 2016-2, Class A3(a)(b)
2,047,591		3.500		03/25/46		2,083,104
Banc of America Alternative Loan Trust Series 2004-1, Class 1A1
1,543,474		6.000		02/25/34		1,633,638
Banc of America Alternative Loan Trust Series 2005-10, Class 6A1
717,339		5.500		11/25/20		720,181
Banc of America Alternative Loan Trust Series 2006-3, Class 6A1
136,984		6.000		04/25/36		138,426
Bear Stearns Alt-A Trust Series 2004-8, Class 1A(b)
2,353,607		1.133		09/25/34		2,302,907
Bear Stearns Alt-A Trust Series 2005-9, Class 25A1(b)
2,080,249		2.670		11/25/35		1,607,816
Bear Stearns Asset Backed Securities Trust Series 2003-AC7, Class A2(c)
427,927		5.750		01/25/34		439,524

The accompanying notes are an integral part of these financial statements. 11

COMMERCE BOND FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Citicorp Mortgage Securities, Inc. Series 2006-4, Class 3A1
$       39,510		5.500	%	08/25/21	$	39,570
Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2, Class 1CB2
1,055,099		6.750		08/25/34		1,068,772
Citigroup Mortgage Loan Trust, Inc. Series 2005-10, Class 1A5A(b)
795,607		2.986		12/25/35		705,133
Citigroup Mortgage Loan Trust, Inc. Series 2007-AR5, Class 1A3A(b)
322,020		3.022		04/25/37		312,292
Citigroup Mortgage Loan Trust, Inc. Series 2009-5, Class 7A1(a)(b)
950,039		0.783		07/25/36		926,769
Citigroup Mortgage Loan Trust, Inc. Series 2015-A, Class A1(a)(b)
4,881,824		3.500		06/25/58		4,976,755
Citimortgage Alternative Loan Trust Series 2006-A3, Class 2A1
122,485		5.500		07/25/36		121,790
Countrywide Alternative Loan Trust Series 2004-18CB, Class 3A1
247,406		5.250		09/25/19		248,283
Countrywide Alternative Loan Trust Series 2005-J1, Class 3A1
99,659		6.500		08/25/32		99,803
Countrywide Alternative Loan Trust Series 2007-J2, Class 2A1
286,826		6.000		07/25/37		294,502
Countrywide Home Loans Trust Series 2004-J1, Class 2A4
174,601		4.750		01/25/19		175,686
Countrywide Home Loans Trust Series 2005-27, Class 2A1
1,231,000		5.500		12/25/35		1,097,150
Countrywide Home Loans Trust Series 2005-6, Class 2A1
282,085		5.500		04/25/35		276,946
Countrywide Home Loans Trust Series 2005-7, Class 1A1(b)
1,590,637		0.973		03/25/35		1,466,434
CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A4
379,098		5.250		07/25/33		387,683
CS First Boston Mortgage Securities Corp. Series 2005-5, Class 2A9
4,834,891		5.500		07/25/35		4,908,824
EverBank Mortgage Loan Trust Series 2013-2, Class A(a)(b)
3,459,884		3.000		06/25/43		3,450,428
FHLMC REMIC PAC Series 1579, Class PM
132,548		6.700		09/15/23		149,126
FHLMC REMIC PAC Series 2103, Class TE
94,878		6.000		12/15/28		108,764
FHLMC REMIC PAC Series 2110, Class PG
465,840		6.000		01/15/29		532,330
FHLMC REMIC Series 2391, Class Z
1,262,919		6.000		12/15/31		1,442,523
FHLMC REMIC Series 2603, Class C
532,549		5.500		04/15/23		581,452

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
FHLMC REMIC Series 2677, Class BC
$     114,013		4.000	%	09/15/18	$	116,428
FHLMC REMIC Series 2866, Class DH
421,538		4.000		09/15/34		438,612
FHLMC REMIC Series 4272, Class DG
2,718,137		3.000		04/15/43		2,796,106
First Horizon Alternative Mortgage Securities Series 2006-RE1, Class A1
2,005,969		5.500		05/25/35		1,747,220
FNMA REMIC FNIC PAC Series 2001-45, Class WG
153,338		6.500		09/25/31		175,835
FNMA REMIC PAC Series 2003-117, Class KB
3,000,000		6.000		12/25/33		3,516,334
FNMA REMIC PAC Series 2003-14, Class AP
95,988		4.000		03/25/33		101,170
FNMA REMIC PAC Series 2004-53, Class NC
692,699		5.500		07/25/24		754,590
FNMA REMIC Series 2002-73, Class OE
241,832		5.000		11/25/17		247,157
FNMA REMIC Series 2002-82, Class XE
229,636		5.000		12/25/17		233,178
FNMA REMIC Series 2003-83, Class PG
88,815		5.000		06/25/23		92,552
FNMA Series 2003-W6, Class 2A32
167,101		6.500		09/25/42		196,006
GNMA REMIC Series 2015-94, Class AT
2,308,191		2.250		07/16/45		2,333,293
GSR Mortgage Loan Trust Series 2004-12, Class 1A1(b)
1,044,670		0.773		12/25/34		936,129
GSR Mortgage Loan Trust Series 2004-7, Class 1A1(b)
207,752		2.277		06/25/34		198,172
Homestar Mortgage Acceptance Corp. Series 2004-2, Class AV1(b)
227,101		1.133		06/25/34		221,083
Impac CMB Trust Series 2003-2F, Class A(b)
539,305		5.730		01/25/33		555,133
Impac CMB Trust Series 2004-4, Class 1A1(b)
1,805,622		1.073		09/25/34		1,701,065
Impac CMB Trust Series 2004-4, Class 2A2(c)
2,845,167		5.011		09/25/34		2,736,960
Impac Secured Assets Corp. Series 2004-2, Class A6(c)
131,386		5.190		08/25/34		133,702
JPMorgan Alternative Loan Trust Series 2006-S1, Class 1A16
1,659,243		6.000		03/25/36		1,366,613
JPMorgan Mortgage Trust Series 2007-A2, Class 4A2(b)
564,260		4.823		04/25/37		497,681
JPMorgan Mortgage Trust Series 2013-3, Class A3(a)
2,742,268		3.449		07/25/43		2,775,364
JPMorgan Mortgage Trust Series 2014-2, Class 1A1(a)(b)
3,296,134		3.000		06/25/29		3,376,991

12 The accompanying notes are an integral part of these financial statements.

COMMERCE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
JPMorgan Mortgage Trust Series 2015-6, Class A5(a)(b)
$  4,599,023		3.500	%	10/25/45	$	4,686,639
Lehman XS Trust Series 2005-1, Class 1A4(b)
281,574		0.943		07/25/35		269,642
Long Beach Mortgage Loan Trust Series 2003-4, Class AV1(b)
227,322		1.053		08/25/33		203,355
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 6A1(b)
744,912		2.617		07/25/33		732,126
Master Alternative Loans Trust Series 2004-4, Class 1A1
198,920		5.500		05/25/34		198,882
Master Alternative Loans Trust Series 2004-4, Class 8A1
1,313,341		6.500		05/25/34		1,343,511
Master Alternative Loans Trust Series 2004-9, Class A6(c)
453,986		5.143		08/25/34		469,441
Master Asset Securitization Trust Series 2003-10, Class 3A1
105,745		5.500		11/25/33		105,409
Master Asset Securitization Trust Series 2003-7, Class 1A1
177,020		5.500		09/25/33		176,661
Master Asset Securitization Trust Series 2004-3, Class 5A1
6,523		6.250		01/25/32		6,585
Morgan Stanley Dean Witter Capital I Series 2003-HYB1, Class A3(b)
354,915		1.942		03/25/33		304,375
Morgan Stanley Mortgage Loan Trust Series 2005-7, Class 2A1(b)
1,466,378		5.922		11/25/35		1,430,466
Morgan Stanley Mortgage Loan Trust Series 2007-12, Class 3A22
1,304,805		6.000		08/25/37		1,155,031
NRP Mortgage Trust Series 2013-1, Class A23(a)(b)
3,208,866		3.250		07/25/43		3,268,707
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates Series 2005-1, Class M3(b)
1,370,000		1.288		02/25/35		1,317,866
PHHMC Mortgage Pass-Through Certificates Series 2008-CIM1, Class 11A1(b)
1,484,138		2.683		05/25/38		1,413,567
RBSGC Mortgage Pass-Through Certificates Series 2007-B, Class 2A1(b)
1,150,485		5.680		11/25/21		1,032,337
RBSGC Mortgage Pass-Through Certificates Series 2007-B, Class 3A1(b)
40,184		5.319		07/25/35		40,949
Residential Accredit Loans, Inc. Series 2004-QS2, Class CB
2,083,695		5.750		02/25/34		2,143,752
Residential Accredit Loans, Inc. Series 2005-QS11, Class A2(b)
326,948		0.930		07/25/35		255,315
Residential Asset Securitization Trust Series 2004-A6, Class A1
421,880		5.000		08/25/19		421,127

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Residential Funding Mortgage Securities I, Inc. Series 2005-S7, Class A5
$     233,376		5.500	%	11/25/35	$	215,247
Residential Funding Mortgage Securities I, Inc. Series 2005-S9, Class A5
762,112		5.750		12/25/35		703,244
Residential Funding Mortgage Securities I, Inc. Series 2006-S12, Class 1A1
333,758		5.500		12/25/21		337,559
Sequoia Mortgage Trust Series 2004-10, Class A1A(b)
681,296		1.052		11/20/34		635,883
Sequoia Mortgage Trust Series 2012-2, Class A3(b)
2,500,000		3.500		04/25/42		2,545,628
Sequoia Mortgage Trust Series 2013-2, Class A1(b)
3,849,895		1.874		02/25/43		3,642,651
Sequoia Mortgage Trust Series 2013-6, Class A1(b)
6,434,664		2.500		05/25/43		6,269,737
Sequoia Mortgage Trust Series 2015-2, Class A10(a)(b)
2,561,262		3.500		05/25/45		2,634,660
Sequoia Mortgage Trust Series 2015-3, Class A4(a)(b)
6,082,678		3.500		07/25/45		6,176,145
Sequoia Mortgage Trust Series 2015-3, Class A5(a)(b)
4,344,770		3.000		07/25/45		4,388,570
Sequoia Mortgage Trust Series 2015-4, Class A1(a)(b)
3,741,444		3.000		11/25/30		3,810,216
Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A(b)
1,299,295		2.836		10/25/34		1,309,250
Structured Adjustable Rate Mortgage Loan Trust Series 2004-4, Class 3A4(b)
296,545		2.901		04/25/34		291,396
Structured Asset Securities Corp. Series 2003-29, Class 5A4
930,680		5.250		09/25/33		960,544
Structured Asset Securities Corp. Series 2003-31A, Class 2A7(b)
530,754		2.811		10/25/33		520,701
Structured Asset Securities Corp. Series 2003-34A, Class 3A3(b)
873,150		3.312		11/25/33		855,326
Structured Asset Securities Corp. Series 2003-34A, Class 6A(b)
421,543		2.983		11/25/33		412,602
Structured Asset Securities Corp. Series 2004-11XS, Class 1A4B(c)
361,648		5.710		06/25/34		363,170
Structured Asset Securities Corp. Series 2005-6, Class 5A2
66,067		5.000		05/25/35		66,539
Structured Asset Securities Corp. Series 2005-6, Class 5A4
91,793		5.000		05/25/35		91,980
Towd Point Mortgage Trust Series 2015-1, Class 1A2(a)(b)
5,000,000		3.250		11/25/60		4,947,766
Towd Point Mortgage Trust Series 2015-4, Class A1B(a)(b)
8,071,132		2.750		04/25/55		8,078,796

The accompanying notes are an integral part of these financial statements. 13

COMMERCE BOND FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2005-4, Class 4A1
$     514,501		5.500	%	06/25/20	$	499,294
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR15, Class 1A2(b)
501,363		2.736		09/25/35		485,226
Wells Fargo Mortgage Backed Securities Trust Series 2007-2, Class 3A5
426,441		5.250		03/25/37		435,062
WinWater Mortgage Loan Trust Series 2015-5, Class A5(a)(b)
4,916,429		3.500		08/20/45		5,011,709
WinWater Mortgage Loan Trust Series 2016-1, Class 1A5(a)(b)
7,599,028		3.500		01/20/46		7,812,010
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $146,197,647)					$	154,191,203
Commercial Mortgage Obligations – 5.2%
Citigroup Commercial Mortgage Trust Series 2013-GC17, Class A2
$  5,000,000		2.962	%	11/10/46	$	5,147,483
Citigroup Commercial Mortgage Trust Series 2015-GC29, Class A2
5,000,000		2.674		04/10/48		5,132,754
Commercial Mortgage Pass Through Certificates Series 2013-CR12, Class A2
2,520,000		2.904		10/10/46		2,588,819
Commercial Mortgage Pass-Through Certificates Series 2014-CR14, Class A2
3,020,000		3.147		02/10/47		3,107,028
Commercial Mortgage Trust Series 2012-CR2, Class A2
723,284		2.025		08/15/45		726,602
Commercial Mortgage Trust Series 2012-CR4, Class A2
1,000,000		1.801		10/15/45		999,564
Commercial Mortgage Trust Series 2013-CR6, Class A2
2,035,000		2.122		03/10/46		2,049,124
Commercial Mortgage Trust Series 2014-CR15, Class A2
5,000,000		2.928		02/10/47		5,149,893
Commercial Mortgage Trust Series 2014-LC15, Class A2
700,000		2.840		04/10/47		721,025
JPMBB Commercial Mortgage Securities Trust Series 2014-C19, Class A2
1,500,000		3.046		04/15/47		1,553,084
JPMBB Commercial Mortgage Securities Trust Series 2015-C28, Class A2
1,915,000		2.773		10/15/48		1,970,388
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class A2
3,000,000		1.868		11/15/45		3,015,026
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A2
4,000,000		2.916		02/15/47		4,114,356

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage Obligations – (continued)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C21, Class A2
$  7,830,000		2.933	%	03/15/48	$	8,094,843
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class A2
5,000,000		2.739		04/15/48		5,145,259
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1, Class A1
429,688		1.524		01/10/45		429,766
WF-RBS Commercial Mortgage Trust Series 2014-C19, Class A2
2,455,000		2.895		03/15/47		2,530,088
WF-RBS Commercial Mortgage Trust Series 2014-C20, Class A2
3,500,000		3.036		05/15/47		3,624,464
TOTAL COMMERCIAL MORTGAGE OBLIGATIONS
(Cost $56,244,195)					$	56,099,566
Mortgage-Backed Pass-Through Obligations – 1.9%
FHLMC
$         2,051		8.500	%	02/01/19	$	2,068
10,405		8.500		03/01/21		10,525
249,143		7.000		05/01/26		291,875
3,259		7.000		10/01/30		3,269
36,064		7.500		12/01/30		45,090
64,134		7.500		01/01/31		80,622
103,073		7.000		08/01/31		123,604
1,320,493		5.000		05/01/33		1,485,030
285,656		2.479	(b)	05/01/34		301,895
309,144		2.706	(b)	01/01/36		330,666
1,871,118		4.000		06/01/42		2,022,973
4,649,191		2.752	(b)	07/01/45		4,764,351
FNMA
4,098		9.000		11/01/21		4,138
48,998		9.000		02/01/25		54,339
12,427		6.500		03/01/26		14,248
1,926,935		2.500		05/01/28		1,974,264
13,204		8.000		07/01/28		13,681
41,561		6.500		10/01/28		48,410
58,512		6.000		07/01/29		66,623
13,214		7.500		09/01/29		13,485
42,718		7.000		03/01/31		47,949
14,035		7.500		03/01/31		16,413
19,677		7.000		11/01/31		20,616
39,002		7.000		01/01/32		40,081
180,328		6.000		12/01/32		207,185
53,825		2.085	(b)	02/01/33		56,405
167,592		5.000		07/01/33		186,422
293,819		2.615	(b)	10/01/34		310,857
263,462		2.698	(b)	02/01/35		276,638
4,114,126		3.500		07/01/35		4,340,120
1,905,157		2.631	(b)	12/01/45		1,956,493

14 The accompanying notes are an integral part of these financial statements.

COMMERCE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Mortgage-Backed Pass-Through Obligations – (continued)
GNMA
$     102,044		8.000	%	02/15/22	$	111,024
35,791		7.500		08/20/25		41,917
177,539		7.500		07/20/26		213,725
118,223		6.500		04/15/31		135,322
214,451		6.500		05/15/31		245,467
TOTAL MORTGAGE-BACKED PASS-THROUGH OBLIGATIONS
(Cost $19,293,608)					$	19,857,790
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $221,735,450)					$	230,148,559
Corporate Obligations – 45.4%
Aerospace/Defense – 0.3%
Goodrich Corp.
$  1,000,000		4.875	%	03/01/20	$	1,107,513
United Technologies Corp.
2,000,000		5.700		04/15/40		2,536,542
						3,644,055
Auto Manufacturers – 0.4%
General Motors Co.
2,000,000		5.000		04/01/35		1,999,384
Hyundai Capital America(a)
2,900,000		2.550		02/06/19		2,929,116
						4,928,500
Beverages – 0.6%
Anheuser-Busch Cos., LLC
4,609,000		6.800		08/20/32		5,963,788
Anheuser-Busch InBev Worldwide, Inc.
500,000		7.750		01/15/19		582,252
						6,546,040
Cable TV – 0.1%
Comcast Corp.
1,250,000		6.400		05/15/38		1,680,225
Chemicals – 0.6%
FMC Corp.
3,000,000		5.200		12/15/19		3,213,756
Praxair, Inc.
2,740,000		3.200		01/30/26		2,907,707
						6,121,463
Commercial Banks – 4.6%
Citizens Bank NA
3,000,000		2.450		12/04/19		3,022,221
Commonwealth Bank of Australia(a)
3,400,000		2.250		03/16/17		3,435,948
Cooperatieve Rabobank UA/NY
4,510,000		2.250		01/14/19		4,591,058

Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Commercial Banks – (continued)
Credit Suisse New York
$  3,000,000		3.000	%	10/29/21	$	3,063,534
Deutsche Bank AG
2,000,000		3.125		01/13/21		2,007,660
HSBC USA, Inc.
1,052,000		9.300		06/01/21		1,322,997
Huntington Bancshares, Inc.
1,850,000		3.150		03/14/21		1,895,714
KeyBank NA
5,500,000		2.250		03/16/20		5,492,949
Lloyds Bank PLC
1,640,000		6.375		01/21/21		1,922,413
Manufacturers & Traders Trust Co.
5,840,000		2.250		07/25/19		5,917,310
PNC Bank NA
1,900,000		6.875		04/01/18		2,086,084
2,500,000		2.950		01/30/23		2,518,180
U.S. Bancorp
2,050,000		3.600		09/11/24		2,162,744
UBS AG
7,161,000		7.375		06/15/17		7,604,681
Wells Fargo Bank NA
2,000,000		6.180		02/15/36		2,345,488
						49,388,981
Commercial Services – 1.1%
Community Health Network, Inc.
2,225,000		4.237		05/01/25		2,347,006
Henry J. Kaiser Family Foundation
6,250,000		3.356		12/01/25		6,402,631
Northwestern University
1,000,000		4.643		12/01/44		1,208,407
The ADT Corp.
2,000,000		2.250		07/15/17		2,025,000
						11,983,044
Communications Equipment – 0.6%
Cisco Systems, Inc.
2,700,000		4.450		01/15/20		2,985,044
2,000,000		2.450		06/15/20		2,077,190
Juniper Networks, Inc.
1,220,000		3.300		06/15/20		1,246,278
						6,308,512
Computer Services – 0.0%
International Business Machines Corp.
300,000		5.700		09/14/17		319,439
Consumer Services – 0.1%
Kimberly-Clark Corp.
1,000,000		2.750		02/15/26		1,026,611
Diversified Manufacturing – 0.2%
Parker-Hannifin Corp.
2,000,000		3.500		09/15/22		2,146,070

The accompanying notes are an integral part of these financial statements. 15

COMMERCE BOND FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electric – 1.7%
Duke Energy Progress LLC
$  2,000,000		2.800	%	05/15/22	$	2,075,424
Emerson Electric Co.
1,000,000		6.125		04/15/39		1,318,070
Maxim Integrated Products, Inc.
5,016,000		3.375		03/15/23		5,100,876
Ohio Power Co.
2,870,000		5.850		10/01/35		3,427,661
PacifiCorp
2,000,000		3.850		06/15/21		2,187,260
1,900,000		6.100		08/01/36		2,444,909
Southern California Edison Co.
1,000,000		5.550		01/15/37		1,259,884
The Connecticut Light & Power Co.
415,000		5.650		05/01/18		450,620
						18,264,704
Financial – 8.7%
Abbey National Treasury Services PLC
1,000,000		3.050		08/23/18		1,031,105
Air Lease Corp.
3,000,000		3.375		01/15/19		3,024,990
1,175,000		3.875		04/01/21		1,195,563
American Express Credit Corp.
4,700,000		2.250		08/15/19		4,779,585
American Honda Finance Corp.(a)
1,800,000		1.500		09/11/17		1,809,070
Bank of America Corp.
1,310,000		2.625		04/19/21		1,318,738
2,000,000		5.700		01/24/22		2,298,208
3,000,000		3.875		08/01/25		3,115,350
Bank One Corp.(c)
1,000,000		8.530		03/01/19		1,169,727
BlackRock, Inc.
5,000,000		4.250		05/24/21		5,513,555
Blackstone Holdings Finance Co. LLC(a)
1,000,000		6.625		08/15/19		1,145,408
3,000,000		5.875		03/15/21		3,480,975
Caterpillar Financial Services Corp.
2,300,000		2.100		06/09/19		2,356,242
CDP Financial, Inc.(a)
1,000,000		3.150		07/24/24		1,047,459
Citigroup, Inc.
2,500,000		2.500		07/29/19		2,542,000
3,000,000		5.500		09/13/25		3,323,469
CME Group, Inc.
1,685,000		3.000		09/15/22		1,770,991
Ford Motor Credit Co. LLC
1,000,000		6.625		08/15/17		1,064,067
1,725,000		3.336		03/18/21		1,786,519
2,500,000		4.134		08/04/25		2,648,827

Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Financial – (continued)
Franklin Resources, Inc.
$  5,000,000		2.850	%	03/30/25	$	5,029,950
General Electric Co.(b)
150,000		0.943		12/20/16		149,927
1,894,000		5.000		12/29/49		1,967,392
General Motors Financial Co., Inc.
2,000,000		4.200		03/01/21		2,107,688
Invesco Finance PLC
6,509,000		3.125		11/30/22		6,698,809
JPMorgan Chase & Co.
300,000		6.000		01/15/18		322,317
1,600,000		2.250		01/23/20		1,611,715
2,000,000		4.350		08/15/21		2,189,342
150,000		1.636	(b)	04/26/23		147,472
Legg Mason, Inc.
3,895,000		5.625		01/15/44		3,879,307
Morgan Stanley & Co.
4,375,000		4.100		05/22/23		4,523,304
National Rural Utilities Cooperative Finance Corp.
5,000,000		2.000		01/27/20		5,054,330
PNC Financial Services Group, Inc.(b)
2,500,000		6.750		12/31/49		2,765,625
The Charles Schwab Corp.
2,500,000		1.500		03/10/18		2,512,640
2,500,000		3.225		09/01/22		2,614,675
Toyota Motor Credit Corp.
1,000,000		2.000		10/24/18		1,018,456
Wells Fargo & Co.
2,500,000		4.100		06/03/26		2,629,910
1,500,000		4.650		11/04/44		1,554,846
						93,199,553
Food – 0.9%
Campbell Soup Co.
235,000		3.050		07/15/17		240,713
Danone SA(a)
2,700,000		3.000		06/15/22		2,777,833
PepsiCo, Inc.
2,190,000		4.450		04/14/46		2,444,303
Pernod-Ricard SA(a)
3,500,000		5.750		04/07/21		3,981,845
						9,444,694
Hardware – 1.0%
Intel Corp.
400,000		2.450		07/29/20		413,644
5,000,000		3.100		07/29/22		5,306,730
Xilinx, Inc.
4,425,000		3.000		03/15/21		4,618,315
						10,338,689

16 The accompanying notes are an integral part of these financial statements.

COMMERCE BOND FUND

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Health Technology – 0.2%
Amgen, Inc.
$  1,295,000		6.400	%		02/01/39	$	1,672,270
Gilead Sciences, Inc.
300,000		3.050			12/01/16		303,902
							1,976,172
Healthcare-Products – 0.2%
Medtronic, Inc.
1,875,000		3.150			03/15/22		1,996,159
Healthcare-Services – 0.8%
Laboratory Corp. of America Holdings
100,000		3.125			05/15/16		100,050
Mayo Clinic
2,600,000		3.774			11/15/43		2,562,232
Mission Health System, Inc.
5,710,000		3.033			10/01/22		5,658,759
UnitedHealth Group, Inc.
250,000		1.400			10/15/17		251,171
							8,572,212
Household Products – 0.2%
Leggett & Platt, Inc.
2,200,000		3.800			11/15/24		2,256,549
Industrial – 0.6%
Joy Global, Inc.
2,860,000		5.125			10/15/21		2,588,300
Receipts on Corporate Securities Trust NSC-1998-1
540,911		6.375			05/15/17		549,264
Rockwell Automation, Inc.
2,850,000		2.050			03/01/20		2,882,729
							6,020,293
Insurance – 3.8%
American International Group, Inc.
2,000,000		3.750			07/10/25		2,026,652
Assured Guaranty US Holdings, Inc.
1,500,000		5.000			07/01/24		1,596,264
Berkshire Hathaway Finance Corp.
5,000,000		3.000			05/15/22		5,249,920
CNA Financial Corp.
2,215,000		7.350			11/15/19		2,556,298
Genworth Financial, Inc.
2,000,000		7.625			09/24/21		1,680,000
Guardian Life Global Funding(a)
2,000,000		2.000			04/26/21		2,004,820
Liberty Mutual Group, Inc.(a)
1,110,000		4.250			06/15/23		1,162,997
MassMutual Global Funding II(a)
2,000,000		2.100			08/02/18		2,027,770
2,400,000		2.000			04/15/21		2,408,969
MetLife, Inc.
2,055,000		10.750			08/01/69		3,133,875

Principal Amount	Interest Rate		Maturity Date		Value
Corporate Obligations – (continued)
Insurance – (continued)
New York Life Global Funding(a)
$  3,000,000		2.000%		04/13/21	$	3,011,091
PartnerRe Finance B LLC
525,000		5.500		06/01/20		575,946
Principal Life Global Funding II(a)
2,000,000		2.200		04/08/20		2,007,336
Prudential Financial, Inc.(b)
2,000,000		5.875		09/15/42		2,161,500
Reinsurance Group of America, Inc.
2,000,000		6.450		11/15/19		2,256,412
2,100,000		5.000		06/01/21		2,282,694
Sirius International Group Ltd.(a)
1,269,000		6.375		03/20/17		1,306,133
Travelers Property Casualty Corp.
2,493,000		7.750		04/15/26		3,297,631
						40,746,308
Media – 0.8%
21st Century Fox America, Inc.
1,000,000		7.125		04/08/28		1,265,805
CBS Corp.
2,500,000		7.875		09/01/23		3,115,205
Time Warner, Inc.
4,380,000		3.600		07/15/25		4,575,256
						8,956,266
Metals & Mining – 1.2%
Freeport-McMoRan Copper & Gold, Inc.
1,000,000		2.375		03/15/18		960,000
Glencore Funding LLC(a)
3,000,000		2.500		01/15/19		2,865,000
Rio Tinto Finance USA Ltd.
3,000,000		5.200		11/02/40		3,274,134
The Timken Co.
2,000,000		3.875		09/01/24		1,978,182
2,750,000		6.875		05/08/28		3,374,121
						12,451,437
Oil & Gas – 3.8%
Apache Corp.
2,835,000		5.100		09/01/40		2,834,255
1,360,000		7.375		08/15/47		1,734,745
BP Capital Markets PLC
3,835,000		3.245		05/06/22		3,951,189
3,250,000		2.750		05/10/23		3,246,701
Energen Corp.
2,000,000		4.625		09/01/21		1,860,000
Exxon Mobil Corp.
3,000,000		2.726		03/01/23		3,070,194
Halliburton Co.
5,000,000		5.000		11/15/45		5,122,100
Hess Corp.
2,115,000		7.875		10/01/29		2,395,635

The accompanying notes are an integral part of these financial statements. 17

COMMERCE BOND FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate		Maturity Date		Value
Corporate Obligations – (continued)
Oil & Gas – (continued)
HollyFrontier Corp.
$  3,850,000		5.875%		04/01/26	$	3,934,673
Marathon Oil Corp.
2,000,000		2.700		06/01/20		1,863,426
Marathon Petroleum Corp.
2,000,000		2.700		12/14/18		2,036,394
Phillips 66
3,000,000		4.650		11/15/34		3,162,912
Rowan Cos., Inc.
1,000,000		4.750		01/15/24		792,576
Statoil ASA
2,360,000		2.250		11/08/19		2,408,703
Tosco Corp.
2,095,000		8.125		02/15/30		2,687,697
						41,101,200
Pharmaceuticals – 1.2%
Actavis Funding SCS
2,000,000		2.450		06/15/19		2,020,276
AstraZeneca PLC
500,000		5.900		09/15/17		532,258
3,000,000		1.950		09/18/19		3,041,406
Bayer US Finance LLC(a)
2,000,000		2.375		10/08/19		2,057,564
Johnson & Johnson
400,000		5.150		07/15/18		436,307
Pfizer, Inc.
2,900,000		7.200		03/15/39		4,278,886
Pharmacia LLC
475,000		6.500		12/01/18		536,385
						12,903,082
Pipelines – 2.2%
Buckeye Partners LP
2,000,000		4.150		07/01/23		1,896,988
DCP Midstream LLC
3,397,000		8.125		08/16/30		3,269,613
DCP Midstream Operating LP
3,000,000		3.875		03/15/23		2,647,500
Energy Transfer Partners LP
3,000,000		4.900		03/15/35		2,579,022
Kinder Morgan Energy Partners LP
4,175,000		5.800		03/15/35		3,856,176
ONEOK Partners LP
875,000		8.625		03/01/19		975,389
Tennessee Gas Pipeline Co. LLC
628,000		8.375		06/15/32		700,435
1,450,000		7.625		04/01/37		1,514,961
TransCanada Pipelines Ltd.
2,500,000		4.875		01/15/26		2,749,330
Williams Partners LP
3,390,000		4.500		11/15/23		3,056,983
						23,246,397

Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Process Industries – 0.4%
International Paper Co.
$  2,925,000		8.700	%	06/15/38	$	4,110,944
Real Estate – 3.8%
CBRE Services, Inc.
4,700,000		4.875		03/01/26		4,825,734
Columbia Property Trust Operating Partnership LP
2,485,000		4.150		04/01/25		2,508,096
Digital Realty Trust LP
3,230,000		3.950		07/01/22		3,302,520
Hospitality Properties Trust
1,685,000		4.650		03/15/24		1,665,351
Mid-America Apartments LP
1,860,000		4.300		10/15/23		1,972,184
National Retail Properties, Inc.
1,000,000		3.900		06/15/24		1,031,522
Piedmont Operating Partnership LP
1,290,000		3.400		06/01/23		1,245,154
2,800,000		4.450		03/15/24		2,830,540
Post Apartment Homes LP
1,500,000		3.375		12/01/22		1,492,956
Select Income REIT
3,000,000		4.150		02/01/22		2,990,823
Simon Property Group LP
2,815,000		3.750		02/01/24		3,048,558
UDR, Inc.
2,640,000		3.750		07/01/24		2,750,278
Ventas Realty LP
2,910,000		3.500		02/01/25		2,897,059
Washington Real Estate Investment Trust
1,580,000		3.950		10/15/22		1,590,915
Weingarten Realty Investors
1,000,000		3.850		06/01/25		994,739
Welltower, Inc.
2,450,000		4.250		04/01/26		2,547,848
WP Carey, Inc.
2,000,000		4.600		04/01/24		2,022,006
1,575,000		4.000		02/01/25		1,511,765
						41,228,048
Retail – 0.9%
CVS Pass-Through Trust(a)
3,120,340		7.507		01/10/32		3,749,016
O’Reilly Automotive, Inc.
1,000,000		3.800		09/01/22		1,056,536
Ralph Lauren Corp.
2,800,000		2.625		08/18/20		2,887,044
Wal-Mart Stores, Inc.
1,250,000		6.200		04/15/38		1,706,991
						9,399,587

18 The accompanying notes are an integral part of these financial statements.

COMMERCE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software – 0.1%
Adobe Systems, Inc.
$     563,000		4.750	%	02/01/20	$	621,439
Sovereign Agency – 0.2%
Resolution Funding Corp.
1,500,000		8.125		10/15/19		1,841,934
Telecommunications – 1.4%
AT&T, Inc.
4,000,000		4.800		06/15/44		4,027,040
Bellsouth Capital Funding Corp.
2,465,000		7.875		02/15/30		3,060,803
SBA Tower Trust(a)
3,240,000		5.101		04/15/42		3,259,121
Verizon Communications, Inc.
4,630,000		4.150		03/15/24		5,021,980
						15,368,944
Transportation – 0.2%
Burlington Northern Santa Fe LLC
1,220,000		4.950		09/15/41		1,412,909
Union Pacific Corp.
500,000		4.750		09/15/41		570,936
						1,983,845
Utilities – 1.9%
Arizona Public Service Co.
2,150,000		6.875		08/01/36		2,882,511
Commonwealth Edison Co.
1,645,000		6.450		01/15/38		2,254,479
Entergy Louisiana LLC
3,000,000		3.780		04/01/25		3,232,068
Gulf Power Co.
1,250,000		4.550		10/01/44		1,288,881
KeySpan Corp.
3,375,000		8.000		11/15/30		4,636,292
Louisville Gas & Electric Co.
1,850,000		4.650		11/15/43		2,112,128
Pacific Gas & Electric Co.
2,000,000		6.350		02/15/38		2,652,278
PPL Electric Utilities Corp.
1,025,000		4.750		07/15/43		1,154,340
						20,212,977
Yankee – 0.6%
Brookfield Asset Management, Inc.
2,000,000		4.000		01/15/25		2,027,094
Canadian National Railway Co.
1,190,000		6.200		06/01/36		1,588,174
Canadian Pacific Railway Co.
2,575,000		4.800		08/01/45		2,805,818
						6,421,086
TOTAL CORPORATE OBLIGATIONS
(Cost $477,449,701)					$	486,755,459

Principal Amount	Interest Rate			Maturity Date		Value
Foreign Debt Obligation – 0.0%
Sovereign – 0.0%
Ontario Province of Canada
$     245,000		1.650	%		09/27/19	$	246,074
(Cost $236,972)
U.S. Government Agency Obligations – 3.4%
FFCB
$     150,000		1.290	%		09/25/18	$	150,001
350,000		1.420			10/22/19		350,001
2,860,000		5.190			04/22/21		3,352,337
FHLB
2,650,000		7.125			02/15/30		3,980,615
FHLMC
2,500,000		5.000			02/16/17		2,585,700
5,500,000		5.500			08/23/17		5,841,286
3,000,000		4.875			06/13/18		3,251,106
FNMA
4,500,000		5.000			02/13/17		4,652,163
3,000,000		5.000			05/11/17		3,131,973
6,000,000		5.375			06/12/17		6,310,464
Tennessee Valley Authority
1,546,990		4.929			01/15/21		1,678,484
836,491		5.131			01/15/21		909,684
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $37,108,601)						$	36,193,814
U.S. Treasury Obligations – 4.4%
United States Treasury Bonds
$  3,000,000		3.500	%		02/15/39	$	3,542,109
3,000,000		2.750			08/15/42		3,075,819
10,000,000		2.750			11/15/42		10,229,300
United States Treasury Inflation Protected Securities
302,734		0.125			04/15/17		305,545
369,259		0.125			04/15/18		375,466
United States Treasury Notes
2,000,000		2.750			11/30/16		2,026,172
10,000,000		0.750			12/31/17		10,001,170
6,000,000		1.375			09/30/18		6,075,702
8,000,000		2.125			08/31/20		8,305,312
3,000,000		1.750			10/31/20		3,065,859
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $39,114,051)						$	47,002,454
Shares	Description					Value
Investment Company – 0.5%
Vanguard Long-Term Investment Grade Fund Admiral Shares
506,527						$	5,364,124
(Cost $3,961,043)

The accompanying notes are an integral part of these financial statements. 19

COMMERCE BOND FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Short-Term Investments(e) – 2.9%
Repurchase Agreement – 2.9%
State Street Bank & Trust Co.
$31,348,000		0.010	%	05/02/16	$	31,348,000
Maturity Value: $31,348,000
(Cost $31,348,000)
TOTAL INVESTMENTS – 99.2%
(Cost $1,026,195,393)					$	1,062,852,209
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%						8,951,779
NET ASSETS – 100.0%					$	1,071,803,988

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $208,447,512, which represents approximately 19.5% of net assets as of April 30, 2016.
(b)	Variable rate security. The interest rate shown reflects the rate as of April 30, 2016.
(c)	Step-up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of April 30, 2016. Maturity date disclosed is the ultimate maturity.
(d)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)	Repurchase agreement was entered into on April 29, 2016. This agreement was fully collateralized by $30,650,000 U.S. Treasury Note, 2.125%, due 01/31/21 with a market value of $31,977,789.

Investment Abbreviations:
AGM	—Insured by Assured Guaranty Municipal Corp.
AMT	—Alternative Minimum Tax
FFCB	—Federal Farm Credit Bank
FHA	—Insured by Federal Housing Administration
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNIC	—Financial Network Investment Corporation
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
PAC	—Planned Amortization Class
REIT	—Real Estate Investment Trust
REMIC	—Real Estate Mortgage Investment Conduit

PORTFOLIO COMPOSITION

	AS OF 4/30/2016			AS OF 10/31/15
Corporate Obligations		45.4	%		47.3	%
Collateralized Mortgage Obligations		14.4			12.8
Asset-Backed Securities		13.3			13.7
Municipal Bond Obligations		7.8			9.2
Commercial Mortgage Obligations		5.2			5.9
U.S. Treasury Obligations		4.4			3.7
U.S. Government Agency Obligations		3.4			3.8
Mortgage-Backed Pass-Through Obligations		1.9			1.7
Investment Company		0.5			0.5
Short-term Investment		2.9			1.0
TOTAL INVESTMENTS		99.2	%		99.6	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of investment companies held by the Fund are not reflected in the table above. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such, its composition may differ over time.

20 The accompanying notes are an integral part of these financial statements.

COMMERCE SHORT-TERM GOVERNMENT FUND

Schedule of Investments

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – 2.8%
Commercial — 0.0%
Small Business Administration Series 2006-P10B, Class 1
$       4,526		5.681	%	08/10/16	$	4,577
Home Equity(a) – 2.8%
Argent Securities, Inc. Series 2004-W5, Class AV3B
1,495,163		1.333		04/25/34		1,362,148
Countrywide Asset-Backed Certificates Series 2004-6, Class 2A4
516,654		1.333		11/25/34		502,256
Lehman XS Trust Series 2005-7N, Class 1A1A
201,639		0.703		12/25/35		168,734
Morgan Stanley Capital, Inc. Series 2002-HE3, Class A2
383,537		1.513		03/25/33		375,037
Terwin Mortgage Trust Series 2004-7HE, Class A3(b)
238,525		1.833		07/25/34		224,201
Terwin Mortgage Trust Series 2004-9HE, Class A1(b)
149,697		1.233		09/25/34		139,896
						2,772,272
TOTAL ASSET-BACKED SECURITIES
(Cost $2,519,596)					$	2,776,849
Mortgage-Backed Obligations – 24.2%
Collateralized Mortgage Obligations – 15.4%
Adjustable Rate Mortgage Trust Series 2004-5, Class 3A1(a)
$   211,075		2.835	%	04/25/35	$	208,974
American Home Mortgage Investment Trust Series 2004-4, Class 5A(a)
1,238,383		2.881		02/25/45		1,239,409
Banc of America Alternative Loan Trust Series 2004-1, Class 1A1
168,319		6.000		02/25/34		178,151
Banc of America Mortgage Securities, Inc. Series 2003-J, Class 2A1(a)
324,369		3.033		11/25/33		322,463
Bank of America Funding Corp. Series 2004-A, Class 1A3(a)
13,978		2.746		09/20/34		13,797
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-9, Class 24A1(a)
96,492		3.211		11/25/34		93,778
Citigroup Mortgage Loan Trust, Inc. Series 2004-HYB3, Class 1A(a)
94,265		2.718		09/25/34		93,285
Countrywide Alternative Loan Trust Series 2004-29CB, Class A7
87,021		5.375		01/25/35		87,902
FHLMC REMIC PAC Series 023, Class PK
144,774		6.000		11/25/23		158,758
FHLMC REMIC PAC Series 159, Class H
8,597		4.500		09/15/21		8,951
FHLMC REMIC PAC Series 2022, Class PE
27,812		6.500		01/15/28		31,854

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
FHLMC REMIC PAC Series 2109, Class PE
$     63,958		6.000	%	12/15/28	$	72,821
FHLMC REMIC PAC Series 2345, Class PQ
483		6.500		08/15/16		491
FHLMC REMIC Series 2830, Class DA
13,990		5.000		07/15/19		14,598
FHLMC REMIC Series 2972, Class CA
16,877		4.500		05/15/20		17,204
FHLMC REMIC Series 3816, Class HA
1,074,562		3.500		11/15/25		1,160,912
FHLMC REMIC Series 3968, Class AT
108,406		3.500		03/15/38		109,400
First Horizon Mortgage Pass-Through Trust Series 2003-AR3, Class 2A1(a)
586,390		2.684		09/25/33		583,736
FNMA REMIC PAC Series 1992, Class 89 Principal-Only Stripped Security(c)
9,451		0.000		06/25/22		9,111
FNMA REMIC PAC Series 1992-129, Class L
54,913		6.000		07/25/22		59,243
FNMA REMIC PAC Series 2001-71, Class MB
4,908		6.000		12/25/16		4,988
FNMA REMIC PAC Series 2003-117, Class KB
556,000		6.000		12/25/33		651,694
FNMA REMIC PAC Series 2003-14, Class AP
129,060		4.000		03/25/33		136,027
FNMA REMIC Series 1991-137, Class H
23,734		7.000		10/25/21		25,866
FNMA REMIC Series 1993-182, Class FA(a)
10,703		1.120		09/25/23		10,738
GNMA REMIC Series 2009-65, Class AF
184,083		4.000		07/20/39		195,340
GNMA REMIC Series 2010-115, Class QJ
265,823		3.500		11/20/38		275,621
GNMA REMIC Series 2010-14, Class PA
133,671		3.000		02/20/40		137,450
GNMA REMIC Series 2010-89, Class GL
650,382		4.000		05/20/39		673,005
GNMA REMIC Series 2015-94, Class AT
1,031,151		2.250		07/16/45		1,042,365
GSR Mortgage Loan Trust Series 2003-6F, Class A1
68,990		3.000		09/25/32		67,579
GSR Mortgage Loan Trust Series 2004-6F, Class 5A1
60,753		5.500		03/25/19		61,728
GSR Mortgage Loan Trust Series 2005-AR3, Class 2A1(a)
422,787		0.873		05/25/35		383,248
GSR Mortgage Loan Trust Series 2006-AR1, Class 2A4(a)
977,196		3.012		01/25/36		893,086
Homestar Mortgage Acceptance Corp. Series 2004-2, Class AV1(a)
833,696		1.133		06/25/34		811,603

The accompanying notes are an integral part of these financial statements. 21

COMMERCE SHORT-TERM GOVERNMENT FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Impac CMB Trust Series 2003-2F, Class A(a)
$   333,856		5.730	%	01/25/33	$	343,654
Impac CMB Trust Series 2003-8, Class 2A1(a)
131,902		1.333		10/25/33		125,503
Impac CMB Trust Series 2004-7, Class 1A1(a)
115,319		1.173		11/25/34		107,518
Impac CMB Trust Series 2005-2, Class 2A2(a)
146,844		1.233		04/25/35		132,725
Impac Secured Assets Corp. Series 2006-1, Class 2A1(a)
878,583		0.783		05/25/36		786,340
Indymac Index Mortgage Loan Trust Series 2004-AR6, Class 6A1(a)
159,222		2.938		10/25/34		151,455
Master Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1(a)
209,399		2.852		04/21/34		209,349
Master Alternative Loans Trust Series 2004-9, Class A6(d)
96,300		5.143		08/25/34		99,578
Master Asset Securitization Trust Series 2004-3, Class 5A1
3,102		6.250		01/25/32		3,132
MortgageIT Trust Series 2005-1, Class 1A1(a)
1,326,591		1.073		02/25/35		1,258,003
MortgageIT Trust Series 2005-1, Class 1A2(a)
1,141,062		1.213		02/25/35		1,060,480
Residential Accredit Loans, Inc. Series 2004-QA4, Class NB21(a)
49,163		3.371		09/25/34		48,110
Residential Accredit Loans, Inc. Series 2004-QS5, Class A5
54,319		4.750		04/25/34		54,862
Residential Funding Mortgage Securities Corp. Series 2004-S4, Class 2A6
148,961		4.500		04/25/19		149,631
Securitized Asset Sales, Inc. Series 1993-7, Class TA6
9,296		6.250		12/25/23		9,426
Sequoia Mortgage Trust Series 10, Class 1A(a)
65,254		1.239		10/20/27		63,581
Sequoia Mortgage Trust Series 2003-2, Class A1(a)
142,714		1.092		06/20/33		135,121
Structured Asset Securities Corp. Series 2003-31A, Class 2A7(a)
481,486		2.811		10/25/33		472,365
Vendee Mortgage Trust Series 1996-2, Class 1Z
112,212		6.750		06/15/26		129,138
Washington Mutual MSC Mortgage Pass-Through Series 2003-MS8, Class 2A1
33,749		5.000		05/25/18		34,164
Wells Fargo Alternative Loan Trust Series 2003-1, Class 2A1
75,666		5.750		09/25/18		75,994
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $14,122,457)					$	15,285,305

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Mortgage-Backed Pass-Through Obligations – 8.8%
FHLMC
$       6,620			5.500	%	08/01/17	$	6,733
24,452			6.000		10/01/23		27,683
47,513			5.000		05/01/27		52,184
692,904			2.500		04/01/28		710,250
938,515			2.752	(a)	07/01/45		961,762
FNMA
583			6.000		07/01/16		584
48,216			5.500		05/01/19		50,028
47,064	��		5.500		06/01/20		48,702
337			9.000		07/01/24		339
1,266,610			2.500		03/01/28		1,297,732
2,139,841			2.500		05/01/28		2,192,212
759,774			2.500		01/01/30		775,925
5,963			7.000		11/01/31		6,247
238,595			6.000		07/01/33		272,858
157,056			2.539	(a)	02/01/34		167,204
137,006			2.615	(a)	10/01/34		144,951
945,776			3.500		08/01/35		997,729
969,546			2.631	(a)	12/01/45		995,671
GNMA(a)
196			2.000		11/20/24		202
493			3.000		12/20/24		514
7,642			1.750		04/20/26		7,907
6,552			1.875		08/20/26		6,692
8,514			1.750		01/20/28		8,797
TOTAL MORTGAGE-BACKED PASS-THROUGH OBLIGATIONS
(Cost $8,664,245)						$	8,732,906
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $22,786,702)						$	24,018,211
U.S. Government Agency Obligations – 45.7%
FFCB
$1,000,000			0.690	%	05/16/17	$	998,043
1,000,000			1.400		04/13/20		999,283
FHLB
1,000,000			0.580		01/09/17		999,457
3,250,000			4.875		05/17/17		3,390,543
1,500,000			1.125		04/25/18		1,509,779
2,500,000			2.000		09/13/19		2,572,917
1,000,000			4.125		12/13/19		1,103,786
1,000,000			1.000	(d)	02/27/20		1,000,796
1,500,000			1.375		02/18/21		1,500,021
FHLMC
1,000,000			1.000		03/08/17		1,003,132
2,000,000			1.250		05/12/17		2,011,818
1,000,000			1.000		06/29/17		1,002,550
1,150,000			1.000		07/28/17		1,154,281
1,000,000			0.750		04/09/18		998,657
2,000,000			1.750		05/30/19		2,043,530
1,500,000			1.250		08/01/19		1,508,391

22 The accompanying notes are an integral part of these financial statements.

COMMERCE SHORT-TERM GOVERNMENT FUND

Principal Amount	Interest Rate			Maturity Date	Value
U.S. Government Agency Obligations — (continued)
FHLMC – (continued)
$1,000,000		1.250	%	10/02/19	$	1,004,980
900,000		1.000	(d)	04/13/20		899,247
FNMA
1,000,000		1.125		04/27/17		1,004,482
1,200,000		1.000		09/20/17		1,204,488
1,200,000		0.875		10/26/17		1,201,985
1,000,000		0.875		12/20/17		1,001,122
1,000,000		0.875		02/08/18		1,000,746
1,500,000		1.150		05/18/18		1,500,078
1,000,000		1.150		11/23/18		1,001,668
1,750,000		1.625		11/27/18		1,779,937
1,000,000		1.125		12/14/18		1,004,426
1,000,000		1.500		01/30/19		1,005,079
2,000,000		1.875		02/19/19		2,046,974
1,500,000		1.750		11/26/19		1,531,788
1,000,000		2.000		12/30/19		1,005,839
1,000,000		1.625		01/21/20		1,017,223
1,000,000		1.500		06/22/20		1,010,098
1,000,000		1.750		11/20/20		1,017,018
389,000		2.500		12/27/24		389,015
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $45,195,890)					$	45,423,177
U.S. Treasury Obligations – 22.2%
United States Treasury Inflation Protected Securities
$1,025,720		0.125	%	04/15/18	$	1,042,962
879,632		1.375		07/15/18		926,523
883,480		2.125		01/15/19		951,777
1,011,880		0.125		04/15/19		1,033,632
1,425,398		1.375		01/15/20		1,523,728
1,012,490		0.125		04/15/20		1,033,821
1,029,696		1.125		01/15/21		1,100,353
United States Treasury Notes
3,000,000		0.750		03/31/18		2,999,415
2,000,000		1.375		06/30/18		2,024,532
1,000,000		1.375		02/28/19		1,013,203
1,500,000		1.250		04/30/19		1,514,414
1,000,000		1.000		09/30/19		999,453
1,000,000		1.500		10/31/19		1,015,625
1,000,000		1.125		12/31/19		1,001,523
1,000,000		1.625		06/30/20		1,017,617
2,750,000		2.250		03/31/21		2,874,608
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $21,685,810)					$	22,073,186

Principal Amount	Interest Rate			Maturity Date	Value
Short-Term Investments(e) – 4.9%
Repurchase Agreement – 4.9%
State Street Bank & Trust Co.
$4,861,000		0.010	%	05/02/16	$	4,861,000
Maturity Value: $4,861,000
(Cost $4,861,000)
TOTAL INVESTMENTS – 99.8%
(Cost $97,048,998)					$	99,152,423
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%						169,342
NET ASSETS – 100.0%					$	99,321,765

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at April 30, 2016.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $364,097, which represents approximately 0.4% of net assets as of April 30, 2016.
(c)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(d)	Step-up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of April 30, 2016. Maturity date disclosed is the ultimate maturity.
(e)	Repurchase agreement was entered into on April 29, 2016. This agreement was fully collateralized by $4,755,000 U.S. Treasury Note, 2.125%, due 01/31/21 with a market value of $4,960,991.

Investment Abbreviations:
FFCB	—Federal Farm Credit Bank
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
MSC	—Mortgage Securities Corp.
PAC	—Planned Amortization Class
REMIC	—Real Estate Mortgage Investment Conduit

The accompanying notes are an integral part of these financial statements. 23

COMMERCE SHORT-TERM GOVERNMENT FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

PORTFOLIO COMPOSITION

	AS OF 4/30/2016			AS OF 10/31/15
U.S. Government Agency Obligations		45.7	%		49.4	%
U.S. Treasury Obligations		22.2			18.6
Collateralized Mortgage Obligations		15.4			16.9
Mortgage-Backed Pass-Through Obligations		8.8			7.9
Asset-Backed Securities		2.8			3.3
Short-term Investment		4.9			3.6
TOTAL INVESTMENTS		99.8	%		99.7	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

The Fund is actively managed and, as such, its composition may differ over time.

24 The accompanying notes are an integral part of these financial statements.

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations  –  95.2%
Alabama  –  1.1%
Shelby County AL Board of Education Special Tax School Warrants (Refunding) Series 2016 (A+/Aa3)
$  2,250,000		4.000	%	02/01/29	$	2,521,530
1,000,000		4.000		02/01/30		1,113,390
						3,634,920
Alaska  –  0.7%
Alaska Industrial Development & Export Authority Revenue Bonds (Providence Health & Services) Series H (NR/Aa3)
70,000		5.000	(a)	10/01/16		71,292
1,445,000		5.000		10/01/22		1,473,293
Alaska Municipal Bond Bank Authority Revenue Bonds Series B (AMT) (AA/NR)
450,000		5.000		03/01/27		550,957
						2,095,542
Arizona  –  4.9%
Arizona Health Facilities Authority Healthcare & Education Facilities Revenue Bonds (Kirksville College) (A-/NR)
700,000		4.700		01/01/21		779,436
750,000		4.750		01/01/22		834,742
1,000,000		5.000		01/01/25		1,124,500
Glendale AZ Industrial Development Authority Revenue Bonds (Midwestern University) (A-/NR)
1,500,000		5.000		05/15/30		1,693,290
Pima County AZ Regional Transportation Excise Tax Revenue Bonds (Pima County Regional Transportation Fund) (AA+/NR)
1,000,000		5.000		06/01/22		1,211,540
1,000,000		5.000		06/01/23		1,236,360
Pinal County AZ Unified School District No.1 Florence GO Bonds (School Improvement Project of 2006) Series C (A/NR)
335,000		5.000		07/01/18		361,291
350,000		5.000		07/01/19		379,421
1,100,000		5.125		07/01/22		1,202,586
Prescott Valley AZ Certificates of Participation Series 2007 (AMBAC) (A+/WR)(a)
1,055,000		4.375		01/01/17		1,081,048
550,000		4.500		01/01/17		564,031
Yuma AZ Municipal Property Corp. Excise Tax Revenue Bonds (Refunding-Senior Lien) Series 2015 (AA-/A1)
1,050,000		4.000		07/01/26		1,210,681
Yuma AZ Municipal Property Corp. Utility System Revenue Bonds (Refunding-Senior Lien) Series 2015 (A+/A1)
2,000,000		3.000		07/01/29		2,027,220
Yuma County AZ Library District GO Bonds Series 2007 (XLCA) (A+/Aa3)
1,000,000		5.000		07/01/19		1,049,870
1,000,000		5.000		07/01/21		1,049,870
						15,805,886
Arkansas  –  0.6%
Arkansas State Development Finance Authority Economic Development Revenue Bonds (Taxable) (ADFA-GTD) (A+/NR)
435,000		5.480		09/01/17		436,048

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Arkansas – (continued)
Jacksonville AR Wastewater Revenue Bonds (Refunding) Series B (A+/NR)
$  1,265,000		4.000	%	12/01/31	$	1,346,188
						1,782,236
California  –  3.0%
Bay Area CA Toll Authority Toll Bridge Revenue Bonds (Variable) (San Francisco) Series A-1 (AA/Aa3)(b)
3,000,000		1.110		04/01/47		3,000,000
Bay Area CA Toll Authority Toll Bridge Revenue Bonds (Variable) (San Francisco) Series E-3 (AA/Aa3)(b)
1,000,000		1.110		04/01/47		1,000,000
Bonita Unified School District Taxable GO Bonds Election of 2008 Series B-1 (AA-/NR)
1,000,000		5.560		08/01/25		1,252,940
California Health Facilities Financing Authority Revenue Bonds (Children’s Hospital of Orange) Series 2009 (A-/NR)
1,000,000		6.250		11/01/29		1,174,430
Fresno CA Unified School District GO Bonds Election of 2001 Series G (NR/Aa3)(c)
1,000,000		0.000		08/01/24		784,560
Los Angeles CA Unified School District GO Bonds (Refunding) Series A-1 (AGM) (AA/Aa2)
2,100,000		4.500		07/01/24		2,190,636
University of California CA Revenue Bonds (Unrefunded-General) Series Q (AA/NR)
235,000		5.250		05/15/22		248,393
						9,650,959
Colorado  –  2.2%
Adams County CO Certificates of Participation (Refunding) (Improvement) Series 2015 (AA/Aa2)
2,900,000		4.000		12/01/28		3,284,163
Colorado Educational & Cultural Facilities Authority Revenue Bonds (Charter School-High Point Academy) (A/NR)
820,000		4.500		03/01/20		901,787
Colorado Educational & Cultural Facilities Authority Revenue Bonds (Johnson & Wales University Project) Series B (A-/A2)
1,255,000		5.000		04/01/22		1,494,630
Colorado Housing & Finance Authority Revenue Bonds (Single Family Mortgage) Class I Series A (FHA) (AAA/Aaa)
40,000		4.350		11/01/19		40,000
Regional Transportation District CO Certificates of Participation Series 2015 (A/Aa3)
1,000,000		4.000		06/01/40		1,057,710
Westminster CO Certificates of Participation (Refunding) (NPFG) (AA-/A3)
250,000		4.500		12/01/23		255,192
						7,033,482
Connecticut  –  1.1%
Connecticut GO Bonds (Refunding) Series E (AA/Aa3)
1,000,000		5.000		12/15/20		1,026,350

The accompanying notes are an integral part of these financial statements. 25

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Connecticut – (continued)
Connecticut State Higher Education Supplement Loan Authority Revenue Bonds (Chesla Loan Program) Series A (AMT) (NR/Aa3)
$  1,000,000		3.250	%	11/15/24	$	1,019,150
1,500,000		3.750		11/15/27		1,540,860
						3,586,360
District Of Columbia – 1.8%
District of Columbia Revenue Bonds (Deed Tax) Series B (NR/A1)
1,165,000		5.000		06/01/25		1,331,048
Washington Metropolitan Area Transit Authority Gross Revenue Bonds (Transit) Series A (AA-/A1)
3,890,000		5.250		07/01/25		4,370,337
						5,701,385
Florida – 4.1%
Brevard County FL Health Facilities Authority Revenue Bonds (Health First, Inc. Project) (Partially Prerefunded) Series 2005 (A/A2)
425,000		5.000		04/01/18		426,390
Florida State Board of Education Lottery Revenue Bonds Series A (BHAC) (AAA/Aa1)
850,000		5.000		07/01/23		900,720
Jupiter County FL (Community Center Project) GO Bonds Series 2001 (AAA/Aaa)
50,000		5.500		07/01/21		58,144
Lake County FL School Board Certificates of Participation (Refunding-Master Lease Program) Series A (A/NR)
725,000		5.000		06/01/24		865,701
Miami-Dade County FL Aviation Revenue Bonds (Miami International Airport) Series A (A/A2)
1,000,000		5.000		10/01/22		1,158,940
1,000,000		5.500		10/01/25		1,184,080
Miami-Dade County FL Educational Facilities Authority Revenue Bonds (Refunding-University of Miami) Series B (AMBAC) (A-/A3)
685,000		5.250		04/01/21		815,040
Seminole County FL School Board Certificates of Participation Series B (AA-/Aa3)
500,000		5.000		07/01/24		595,755
Sumter County FL Industrial Development Authority Hospital Revenue Bonds (Refunding) Series B (A-/A3)
2,425,000		5.000		07/01/25		2,883,616
Tallahassee FL Health Facilities Revenue Bonds (Tallahassee Memorial Healthcare, Inc. Project) Series A (NR/Baa1)
300,000		5.000		12/01/16		307,071
350,000		5.000		12/01/17		370,741
400,000		5.000		12/01/18		436,716
260,000		5.000		12/01/19		291,556
330,000		5.000		12/01/20		378,048
1,350,000		4.000		12/01/46		1,357,978

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Florida – (continued)
Walton County FL School Board Certificates of Participation Series 2015 (AGM) (AA/A2)
$  1,000,000		5.000	%	07/01/25	$	1,222,260
						13,252,756
Georgia  –  0.5%
Brunswick GA Water & Sewer Revenue Bonds (Refunding & Improvement) Series 1992 (ETM) (NPFG) (AA-/A3)
75,000		6.100		10/01/19		81,877
Cherokee County GA Water & Sewer Authority Revenue Bonds (Refunding & Improvement) Series 1993 (NPFG) (AA-/Aa2)
55,000		5.500		08/01/23		64,818
Fulton County GA Development Authority Revenue Bonds (Refunding-Robert W Woodruff Arts Center, Inc.) Series A (NR/A2)
1,000,000		5.000		03/15/26		1,247,040
Fulton County GA Development Authority Revenue Bonds (Spelman College) Series 2007 (NR/A1)(a)
150,000		5.000		06/01/17		156,712
						1,550,447
Illinois  –  10.9%
Arlington Heights IL GO Bonds Series 2016 (NR/Aa1)
2,140,000		4.000		12/01/34		2,320,637
2,115,000		4.000		12/01/36		2,267,999
Chicago IL Public Building Commission Revenue Bonds (Refunding-Chicago Transit Authority) Series 2006 (AMBAC) (A+/A2)
350,000		5.250		03/01/33		381,588
Cook County IL Community High School District No. 234 Taxable GO Bonds (Ridgewood Build America Bonds – Direct Payment to Issuer) Series B (Assured Guaranty) (AA/A3)
300,000		6.400		12/01/28		339,384
Cook County IL Township High School District No. 208 Riverside-Brookfield GO Bonds (Refunding) Series B (AA+/NR)
1,090,000		5.000		12/15/25		1,347,818
Countryside IL GO Bonds (Taxable-Refunding) Series 2014 (NR/Aa2)
500,000		3.300		01/01/24		519,315
860,000		4.150		01/01/29		872,934
DeKalb, Kane & Lasalle Counties Community College District No. 523 GO Bonds Series A (AA/NR)
400,000		5.000		02/01/23		466,432
Hoffman Estates IL GO Bonds (Taxable-Refunding) Series A (AA+/Aa2)
1,200,000		4.200		12/01/25		1,233,048
Illinois Finance Authority Revenue Bonds (Bradley University Projects) Series A (XLCA) (A/WR)
3,000,000		5.000		08/01/27		3,140,040
Illinois Finance Authority Revenue Bonds (Columbia College) (NPFG) (AA-/A3)(a)
2,000,000		5.250		12/01/17		2,140,320

26 The accompanying notes are an integral part of these financial statements.

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Illinois – (continued)
Illinois Finance Authority Revenue Bonds (Poetry Foundation Project) (AA-/Aa3)
$     470,000		4.850	%	01/01/26	$	529,413
1,625,000		5.000		01/01/30		1,831,018
Illinois Finance Authority Revenue Bonds (Refunding-Columbia College) (ETM) Series 2011 (BBB+/NR)
300,000		5.000		12/01/17		319,875
405,000		4.000		12/01/18		437,424
420,000		4.250		12/01/19		467,972
440,000		4.500		12/01/20		506,990
Illinois Finance Authority Revenue Bonds (Refunding-Northshore University Health System) Series 2010 (AA/Aa2)
1,000,000		5.000		05/01/29		1,111,700
Illinois Finance Authority Revenue Bonds (Refunding-OSF Healthcare System) Series A (A/A2)
1,000,000		4.000		11/15/33		1,047,650
Illinois Finance Authority Revenue Bonds (Refunding-Swedish Covenant) Series A (BBB+/NR)
1,210,000		5.500		08/15/24		1,352,175
Illinois Finance Authority Revenue Bonds (The Carle Foundation) Series A (A+/NR)
1,000,000		5.375		08/15/26		1,184,270
Illinois State GO Bonds (A-/Baa1)
3,000,000		4.000		09/01/21		3,164,670
Illinois State GO Bonds Series A (A-/Baa1)
1,000,000		5.000		03/01/28		1,001,930
Lake County IL Community Consolidated School District No. 46 Grayslake GO Bonds (Refunding) Series 2015 (AA+/NR)
1,000,000		5.000		11/01/23		1,216,300
Northern Illinois Municipal Power Agency Revenue Bonds (Prairie State Project) Series A (NPFG) (NR/A2)
1,000,000		5.000		01/01/20		1,061,170
Peoria County IL Community Unit School District No. 309 GO Bonds (Capital Appreciation-Brimfield School District) Series A (Assured Guaranty) (AA/NR)(c)
540,000		0.000		04/01/18		518,702
Peoria IL GO Bonds (Refunding) Series B (AA-/Aa3)
1,205,000		5.000		01/01/24		1,462,388
Peoria IL Metropolitan Airport Authority Revenue Bonds (Alternative Revenue Source) Series 2008 (NR/Aa2)
1,000,000		5.000		12/01/26		1,104,660
Quad Cities IN Regional Economic Development Authority Revenue Bonds (Augustana College) Series 2012 (Refunding) (NR/Baa1)
750,000		4.750		10/01/32		797,618
University of Illinois Board of Trustees Certificates of Participation (Prerefunded-Refunding) Series A (NR/NR)(a)
575,000		5.000		10/01/17		609,253
University of Illinois Board of Trustees Certificates of Participation (Unrefunded-Refunding) Series A (AA-/Aa3)
425,000		5.000		10/01/20		448,528
						35,203,221

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Indiana  – 5.9%
Anderson IN School Building Corp. Revenue Bonds (Refunding) Series 2015 (AA+/NR)
$  1,565,000		4.000	%	07/15/26	$	1,744,897
Decatur Township IN Multi-School Building Corp. Revenue Bonds (Refunding-First Mortgage) (Multi Purpose) Series 2015 (AA+/NR)
2,315,000		5.000		07/15/23		2,819,902
Eastern Pulaski IN Multi-School Building Corp. Revenue Bonds (First Mortgage) Series 2015 (AA+/NR)
840,000		4.000		07/15/28		918,448
910,000		4.000		07/15/30		980,088
Evansville IN Redevelopment Authority Revenue Bonds (Build America Bonds-Taxable) Series B (A/Aa3)
250,000		4.930		02/01/17		256,390
675,000		6.050		02/01/23		767,630
Indiana Finance Authority Revenue Bonds (Educational Facilities-Butler University Project) Series A (BBB+/NR)
540,000		5.000		02/01/25		627,863
425,000		5.000		02/01/27		484,258
700,000		5.000		02/01/28		794,493
600,000		5.000		02/01/29		676,584
Indiana State Finance Authority Revenue Bond (Refunding-Educational Facilities-Indianapolis Museum of Art) Series B (NR/A1)
815,000		5.000		02/01/28		963,387
Indiana State University Revenue Bonds (Build America Bonds) (NR/A1)
530,000		5.310		04/01/25		568,547
Lake Central Multi-District School Building Corp. Revenue Bonds (Refunding-First Mortgage) Series B (AA+/NR)
1,000,000		5.000		07/15/24		1,233,540
Plainfield IN High School Building Corp. Revenue Bonds (Refunding-First Mortgage) Series 2014 (AA+/NR)
2,245,000		4.000		01/15/26		2,550,140
2,235,000		4.000		01/15/27		2,508,452
Upland IN Economic Development Revenue Bonds (Taylor University Project) (Refunding) Series 2012 (NR/Baa1)
900,000		4.500		09/01/32		953,667
						18,848,286
Iowa – 0.5%
Iowa Finance Authority Health Facilities Revenue Bonds (Mercy Medical Center Project) Series 2012 (A/A2)
1,410,000		5.000		08/15/27		1,618,962
Kansas – 1.4%
Kansas State Development Finance Authority Revenue Bonds (University Project) Series A (AA-/Aa2)
4,100,000		4.000		03/01/29		4,546,818
Kentucky – 3.4%
Barren County KY School District Finance Corp. Revenue Bonds (Refunding) Series 2015 (NR/Aa3)
1,000,000		5.000		08/01/26		1,225,100

The accompanying notes are an integral part of these financial statements. 27

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kentucky – (continued)
Fayette County KY School District Finance Corp. Revenue Bonds (Refunding) Series B (A+/Aa3)
$  2,000,000		4.000	%	05/01/25	$	2,297,520
2,000,000		4.000		05/01/26		2,260,880
Kentucky State Higher Education Student Loan Corp. (Senior Lien) Series A (AMT) (A/NR)
1,475,000		3.750		06/01/26		1,499,692
Oldham County KY School District Finance Corp. (Refunding) Series 2016 (NR/Aa3)
545,000		5.000		06/01/20		618,967
595,000		5.000		06/01/21		689,760
590,000		5.000		06/01/22		694,831
610,000		5.000		06/01/23		730,164
690,000		5.000		06/01/24		836,190
						10,853,104
Louisiana  –  3.5%
Louisiana Local Government Environmental Facilities Community Development Authority Revenue Bonds (Woman’s Hospital Foundation) Series A (A/A3)
5,000,000		5.500		10/01/25		5,850,000
Louisiana Public Facilities Authority Revenue Bonds (Loyola University) Series 2011 (BBB+/Baa1)
3,715,000		5.250		10/01/27		4,345,473
Louisiana Public Facilities Authority Revenue Bonds (Refunding-Ochsner Clinic Foundation Project) Series 2015 (NR/Baa1)
800,000		5.000		05/15/30		920,280
						11,115,753
Maine  –  0.4%
Maine State Health & Higher Educational Facilities Authority Revenue Bonds Series A (NR/A1)
1,000,000		5.000		07/01/24		1,169,300
Massachusetts  –  1.3%
Massachusetts Educational Financing Authority Education Loan Revenue Bonds (Issue I) Series A (AA/NR)
980,000		5.100		01/01/25		1,058,478
Massachusetts Educational Financing Authority Revenue Bonds Series J (AMT) (AA/NR)
1,010,000		4.250		07/01/22		1,062,975
Massachusetts State Housing Finance Agency Revenue Bonds Series B (AMT) (AA-/Aa3)
480,000		2.500		12/01/20		489,384
475,000		2.700		06/01/21		484,505
475,000		3.050		06/01/22		486,932
480,000		3.250		06/01/23		496,891
Massachusetts State Water Resources Authority Revenue Bonds Series A (ETM) (GO of Authority) (AA+/Aa1)
30,000		6.500		07/15/19		32,227
						4,111,392

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Michigan  –  7.8%
Comstock Park MI Public Schools GO Bonds (Refunding) Series 2015 (Q-SBLF) (AA-/NR)
$     730,000		5.000	%	05/01/24	$	897,666
East Lansing MI School District GO Bonds (Refunding) Series 2015 (Q-SBLF) (AA-/NR)
1,175,000		5.000		05/01/24		1,444,874
Grand Valley MI State University Revenue Bonds (Refunding) Series A (A+/A1)
1,500,000		4.000		12/01/29		1,662,600
1,375,000		4.000		12/01/30		1,518,949
Grand Valley MI State University Revenue Bonds Series 1998 (NPFG) (FGIC) (AA-/A3)
395,000		5.500		02/01/18		396,276
Grand Valley MI State University Revenue Bonds Series A (A+/A1)
1,595,000		5.000		12/01/28		1,925,564
Marshall MI Public Schools District GO Bonds (Refunding) Series 2015 (Q-SBLF) (AA-/NR)
1,380,000		4.000		11/01/28		1,543,406
Mattawan MI Consolidated School District GO Bonds Series I (Q-SBLF) (AA-/NR)
750,000		5.000		05/01/26		919,102
Michigan State Finance Authority Revenue Bonds (Refunding-Beaumont Health Credit Group) Series 2015 (A/A1)
1,500,000		5.000		08/01/24		1,857,015
1,000,000		5.000		08/01/25		1,226,870
Michigan State Housing Development Authority Rental Housing Revenue Bonds Series B (GO of Authority) (AA/NR)
690,000		4.500		10/01/19		722,368
Michigan State Housing Development Authority Single Family Home Ownership Revenue Bonds (Non AMT) Series A (GO of Authority) (AA+/NR)
965,000		4.750		12/01/25		1,031,025
Northwest Community Schools GO Bonds (School Building & Site) Series 2013 (AA-/NR)
1,000,000		4.000		05/01/24		1,137,580
Saginaw Township MI Community School District (Refunding) Series 2015 (Q-SBLF) (NR/Aa1)
750,000		4.000		05/01/28		847,238
South Redford MI School District GO Bonds (Refunding) Series 2014 (Q-SBLF) (AA-/NR)
1,590,000		5.000		05/01/26		1,912,054
Warren Woods MI Public Schools GO Bonds (Refunding) Series 2015 (Q-SBLF) (AA-/NR)
1,480,000		5.000		05/01/24		1,817,455
Washtenaw MI Community College GO Bonds (Refunding) Series 2015 (NR/Aa1)
645,000		4.000		04/01/25		747,491
Wayne MI State University Revenue Bonds Series A (AA-/Aa3)
3,180,000		5.000		11/15/24		3,576,514
						25,184,047

28 The accompanying notes are an integral part of these financial statements.

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Minnesota – 0.9%
Minneapolis & Saint Paul MN Metropolitan Airports Commission Revenue Bonds (Refunding) Series B (NPFG) (AA-/A3)
$  1,000,000		5.000	%	01/01/22	$	1,028,250
Minnesota State Housing Finance Agency Revenue Bonds (Residential) Series A (AA+/Aa1)
75,000		3.800		07/01/17		75,993
Minnesota State Municipal Power Agency Electric Revenue Bonds(Refunding) Series 2014 (NR/A2)
500,000		4.000		10/01/21		565,250
St. Paul MN Housing & Redevelopment Authority Health Care Facilities Revenue Bonds (Refunding-Healthpartners Obligated Group) Series A (A/A2)
1,000,000		5.000		07/01/28		1,205,290
						2,874,783
Mississippi – 1.2%
Alcorn State University Educational Building Corp. (Refunding-Facilities) (Re-Financing Project) Series 2016 (NR/Aa2)
1,560,000		4.000		09/01/33		1,717,965
Mississippi Home Corporation Homeownership Revenue Bonds Series A (GNMA/FNMA/FHLMC) (NR/Aaa)
25,000		2.700		06/01/18		25,595
Mississippi State Development Bank Special Obligation (Pearl Public School District) Series 2016 (NR/Aa3)
1,355,000		4.000		04/01/34		1,475,216
660,000		4.000		04/01/35		715,018
						3,933,794
Missouri – 1.3%
Greene County MO GO Bonds Limited-Wilson Creek Marketplace NID Project (Refunding) Series A (NR/Aa3)
500,000		5.000		04/01/32		585,505
Joplin Industrial Development Authority Health Facilities Revenue Bonds (Freeman Health Systems ) Series 2011 (A-/NR)
1,490,000		4.250		02/15/21		1,604,357
Joplin Industrial Development Authority Health Facilities Revenue Bonds (Refunding-Freeman Health System) Series 2015 (A-/NR)
1,000,000		5.000		02/15/29		1,159,630
Kansas City MO Special Obligation Revenue Bonds (Capital Appreciation) Series E (AA-/A1)(c)
305,000		0.000		02/01/17		301,816
St. Louis County MO Industrial Development Authority Health Facilities Revenue Bonds (Refunding-Ranken Jordan Project) (NR/NR)
500,000		5.000		11/15/17		504,010
						4,155,318

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Montana – 0.0%
Montana State Board Housing Revenue Bonds (Single Family Mortgage) Series A-2 (AMT) (AA+/Aa1)
$       80,000		4.350	%	06/01/16	$	80,017
80,000		4.350		12/01/16		80,053
						160,070
Nebraska – 0.2%
Douglas County NE Hospital Authority No. 2 Revenue Bonds (Prerefunded-Refunding) (Health Facilities-Children’s Hospital) Series 2008 (NR/NR)(a)
220,000		6.000		08/15/17		234,749
Douglas County NE Hospital Authority No. 2 Revenue Bonds (Unrefunded-Refunding) (Health Facilities-Children’s Hospital) Series 2008 (NR/A2)
280,000		6.000		08/15/22		299,555
						534,304
Nevada – 1.3%
Clark County NV School District GO Bonds (Building) Series B (AMBAC) (AA-/A1)
2,150,000		5.000		06/15/20		2,249,674
Clark County NV School District GO Bonds (Limited Tax Building) Series C (AA-/A1)(a)
1,100,000		5.000		12/15/17		1,175,581
Las Vegas Valley NV Water District GO Bonds (Refunding) Series B (AA/Aa1)
800,000		5.000		06/01/22		868,656	��
						4,293,911
New Hampshire – 1.1%
Manchester NH General Airport Revenue Bonds Series A (BBB+/Baa1)
2,990,000		5.000		01/01/21		3,399,839
New Jersey – 5.3%
East Orange NJ GO Bonds (Refunding-Water Utilities) Series B (AGM) (AA/A2)
1,500,000		5.000		07/15/24		1,855,230
New Jersey Housing & Mortgage Finance Agency MF Conduit Revenue Bonds (Lexington Manor Apartments Project) Series B (NR/Aaa)
785,000		3.150		06/15/25		807,773
New Jersey Housing & Mortgage Finance Agency MF Revenue Bonds (Refunding) Series A (AA-/NR)
2,000,000		3.900		11/01/50		1,999,980
New Jersey State Certificates of Participation (Equipment Lease Purchase) Series A (A-/A3)
1,000,000		5.000		06/15/21		1,054,310
New Jersey State Economic Development Authority Revenue Bonds (School Facilities Construction) Series UU (A-/A3)
1,750,000		5.000		06/15/28		1,919,715
New Jersey State Economic Development Authority Revenue Bonds School Facilities Construction (Refunding) Series F (A-/A3)(b)
4,700,000		2.204		02/01/18		4,694,689

The accompanying notes are an integral part of these financial statements. 29

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
New Jersey – (continued)
New Jersey State Higher Education Assistance Authority Revenue Bonds (Senior Lien) Series 1A (AMT) (AA/Aa2)
$  2,965,000		3.625	%	12/01/30	$	3,039,540
New Jersey State Higher Education Assistance Authority Student Loan Revenue Bonds (Refunding) Series 1A (AA/Aa2)
1,415,000		4.750		12/01/23		1,525,724
Passaic County NJ GO Bonds (Refunding-Taxable Pension) Series 2003 (AGM) (NR/Aa3)
100,000		5.750		02/15/21		108,062
						17,005,023
New York – 1.3%
Metropolitan Transportation Authority NY Revenue Bonds Series 2008 C (AA-/A1)
95,000		5.500		11/15/18		101,487
Metropolitan Transportation Authority NY Revenue Bonds Series H (AA-/A1)
1,000,000		4.000		11/15/23		1,145,590
Monroe Country NY Development Corp. Revenue Bonds (Refunding John Fisher College) Series A (BBB+/NR)
500,000		5.000		06/01/29		575,485
New York City Housing Development Corp. Revenue Bonds (Multi Family Development) Series G (AA+/Aa2)
250,000		3.800		11/01/37		259,030
New York State Dormitory Authority Revenues Non Supported Debt Revenue Bonds (Refunding-Icahn School Medicine at Mount Sinai) Series A (A-/A3)
1,000,000		5.000		07/01/27		1,207,110
New York State Dormitory Authority Revenues Non Supported Debt Revenue Bonds (School District Financing Program) Series C (AGM) (AA/A2)
1,000,000		5.000		10/01/20		1,056,810
						4,345,512
North Carolina – 1.0%
North Carolina State Medical Care Commission Revenue Bonds (Refunding-NC Baptist Hospital) (A/A2)
1,190,000		5.000		06/01/22		1,364,704
Western Carolina University Revenue Bonds (Refunding-Limited Obligation-Student Housing) (A/NR)
200,000		2.000		06/01/20		204,098
420,000		3.000		06/01/21		448,337
330,000		4.000		06/01/22		370,788
350,000		4.000		06/01/23		397,198
480,000		4.000		06/01/25		537,984
						3,323,109
Ohio – 2.1%
Akron OH Certificates of Participation (Refunding-Municipal Baseball Stadium Project) Series 2013 (A+/NR)
660,000		3.000		12/01/19		681,318
Akron OH GO Bonds (Refunding) (AA-/NR)
545,000		5.000		12/01/26		664,600

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Ohio – (continued)
Ohio State Higher Educational Facility Commission Revenue Bonds (Xavier University-Refunding) Series C (BBB+/A3)
$  1,000,000		5.000	%	05/01/27	$	1,194,870
1,000,000		5.000		05/01/28		1,186,040
750,000		5.000		05/01/29		884,273
Toledo OH Waterworks Revenue Bonds (Refunding-System) (AA-/Aa3)
1,690,000		5.000		11/15/27		2,055,547
						6,666,648
Oregon – 0.2%
Oregon State Housing & Community Services Department Housing Revenue Bonds Single Family Mortgage Program Series A (FHLMC) (NR/Aa3)
590,000		5.000		07/01/17		617,311
Pennsylvania – 7.1%
Butler County PA Hospital Authority Revenue Bonds (Refunding) Series 2015 (NR/Baa1)
500,000		5.000		07/01/25		589,630
450,000		5.000		07/01/26		528,282
490,000		5.000		07/01/27		571,796
Delaware County PA Authority University Revenue Bonds (Neumann University) (BBB/NR)
1,025,000		5.000		10/01/19		1,121,196
1,250,000		5.250		10/01/31		1,412,687
East Stroudsburg PA Area School District GO Bonds (AGM) (NR/Aa3)
2,200,000		5.000		09/01/22		2,321,814
Lancaster PA GO Bonds Series 2007 (AMBAC) (NR/A1)(a)
2,000,000		5.000		05/01/17		2,085,660
Pennsylvania State GO Bonds Second Series (AGC) (AA/Aa3)
1,000,000		4.500		03/01/26		1,029,680
Pennsylvania State Higher Educational Facilities Authority Revenue Bonds (Drexel University College Medicine) Series 2007 (NPFG) (AA-/A3)
1,250,000		5.000		05/01/27		1,315,813
Pennsylvania State Housing Finance Agency Single Family Mortgage Revenue Bonds Series 113 (AA+/Aa2)
795,000		4.000		10/01/18		834,106
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds (Variable-Refunding) Series B-1 (A/A1)(b)
3,000,000		0.860		12/01/17		2,994,660
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds Series C (A/A1)
500,000		5.000		12/01/26		611,040
Philadelphia PA Authority for Industrial Development City Agreement Revenue Bonds (Refunding-Central Library Project) Series B (A+/A2)
610,000		3.000		12/01/18		634,126
Philadelphia PA Authority for Industrial Development City Agreement Revenue Bonds (Refunding-Cultural & Commercial Corridors Programs) Series A (A+/A2)
2,000,000		4.000		12/01/18		2,129,480

30 The accompanying notes are an integral part of these financial statements.

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Pennsylvania – (continued)
State Public School Building Authority Revenue Bonds (Refunding-Montgomery County Community College) (NR/A1)
$  1,065,000		5.000	%	05/01/29	$	1,265,944
Wilkes-Barre PA Finance Authority Revenue Bonds (Refunding-University of Scranton) Series A (A-/NR)
1,000,000		5.000		11/01/24		1,197,810
2,205,000		4.000		11/01/29		2,365,215
						23,008,939
Rhode Island – 1.7%
Rhode Island Housing & Mortgage Finance Corp. Revenue Bonds (Multi Family Development) Series 1 (NR/Aa2)
260,000		5.125		10/01/30		279,581
Rhode Island Housing & Mortgage Finance Corp. Revenue Bonds Homeownership Opportunities Series 61 B (Non-AMT) (Non-ACE) (AA+/Aa2)
2,150,000		3.450		04/01/26		2,253,393
Rhode Island State Health & Educational Building Corp. Higher Education Facility Revenue Bonds (Bryant University Project) (A/A2)
950,000		5.000		06/01/21		1,099,292
Rhode Island State Health & Educational Building Corp. Public School Revenue Bonds (Unrefunded-Financing Program) Series A (AMBAC) (NR/A3)
310,000		5.000		05/15/23		311,190
Rhode Island State Health & Educational Building Corp. Revenue Bonds (Prerefunded-Financing Program) Series A (NR/NR)(a)
1,150,000		5.000		05/15/16		1,151,679
Rhode Island State Housing & Mortgage Finance Corp. Revenue Bonds (Home Funding) Series 4 (NR/Aa2)
430,000		3.500		04/01/22		459,593
						5,554,728
South Carolina – 3.1%
Kershaw County SC Public School Foundation Installment Power Revenue Bonds (School District Project) (AGC) (AA/A3)(a)
1,000,000		5.000		12/01/16		1,025,450
Laurens County SC School District No. 055 Installment Purchase Revenue Bonds (Refunding) Series 2015 (A-/A2)
1,000,000		5.000		12/01/24		1,215,960
Newberry Investing in Children’s Education SC Installment Purpose Revenue Bonds (Refunding- Newberry Co. School District) Series 2014 (A/A1)
2,925,000		5.000		12/01/25		3,589,999
Scago Educational Facilities Corp. for Colleton School District Revenue Bonds (Refunding) (A-/A3)
1,000,000		5.000		12/01/26		1,197,350
Scago Educational Facilities Corp. for Pickens School District Revenue Bonds (Refunding) Series 2015 (A/A1)
2,550,000		5.000		12/01/27		3,076,192
						10,104,951

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
South Dakota – 0.7%
South Dakota Housing Development Authority Revenue Bonds (Home Ownership Mortgage) Series D (AAA/Aa1)
$  1,035,000		2.700	%	05/01/25	$	1,072,726
South Dakota State Health & Educational Facilities Authority Revenue Bonds (Avera Health Issue) Series A (AA-/A1)
1,000,000		5.000		07/01/25		1,168,220
						2,240,946
Tennessee – 0.4%
Tennessee Housing Development Agency Revenue Bonds Homeownership Program Series 1C (Non-AMT) (GO of Agency) (AA+/Aa1)
785,000		3.500		07/01/27		820,670
Tennessee Housing Development Agency Revenue Bonds Residential Financing Program Series 1C (Non-AMT-Non ACE-Issue) (AA+/Aa1)
490,000		4.050		01/01/38		509,218
						1,329,888
Texas – 5.6%
Arlington TX Higher Education Finance Corp. Revenue Bonds (Responsive Education Solutions) Series A (AAA/NR)
725,000		5.000		08/15/25		897,978
Canyon TX Regional Water Authority Contract Revenue Bonds (Refunding-Mid Cities Project) (AMBAC) (A+/NR)
220,000		5.000		08/01/22		222,273
Celina TX GO Bonds (Certificates of Obligation) (Waterworks & Sewer System) Series 2015 (AA-/A1)
930,000		5.000		09/01/27		1,146,662
980,000		5.000		09/01/28		1,199,981
Forney TX Independent School District GO Bonds (Refunding) Series 2015 (PSF-GTD) (AAA/Aaa)
2,630,000		4.000		08/15/24		2,797,583
Houston County TX GO Bonds (Certificates of Obligation) (A/NR)
235,000		5.000		02/15/20		252,153
Katy TX Independent School District GO Bonds (Refunding) Series A (AAA/Aaa)
300,000		5.000		02/15/25		381,828
Kyle TX GO Bonds (Refunding) Series 2015 (AA-/NR)
1,000,000		4.000		08/15/26		1,138,700
Lower Colorado River Authority Revenue Bonds (Prerefunded-Refunding) (NR/NR)(a)
5,000		5.625		05/15/19		5,685
Mansfield TX Independent School District GO Bonds (Refunding) Series A (PSF-GTD) (NR/Aaa)
2,460,000		4.000		02/15/29		2,788,631
Nolan County TX Hospital District GO Bonds Series 2014 (NR/A3)
1,025,000		5.000		08/15/27		1,209,674
North TX Tollway Authority Revenue Bonds (Prerefunded-Refunding System) (First Tier) Series A (AGC-ICC) (AA/A1)(a)
295,000		5.750		01/01/18		319,208

The accompanying notes are an integral part of these financial statements. 31

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Texas – (continued)
North TX Tollway Authority Revenue Bonds (Unrefunded-Refunding System) (First Tier) Series A (AGC-ICC) (AA/A1)
$     305,000		5.750	%	01/01/40	$	328,448
Odessa TX GO Bonds (Refunding) Series 2015 (AA/Aa3)
1,000,000		5.000		03/01/27		1,193,890
Wichita Falls TX Water & Sewer System Revenue Bonds (Refunding-Priority Lien) Series 2008 (NPFG) (A/A3)
4,055,000		4.500		08/01/26		4,089,184
						17,971,878
Vermont – 0.5%
Vermont Economic Development Authority Revenue Bonds (Central Vermont Public Service Corp.-Recovery Zone Facility) (NR/WR)
1,000,000		5.000		12/15/20		1,146,310
Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (AMT) (AA/NR)
410,000		4.000		06/15/20		444,079
						1,590,389
Virginia – 0.1%
Richmond VA Metropolitan Authority Expressway Revenue Bonds (Prerefunded-Refunding) (ETM) Series 1998 (AA-/A3)
285,000		5.250		07/15/17		293,225
Richmond VA Metropolitan Authority Expressway Revenue Bonds (Unrefunded-Refunding) Series 1998 (AA-/A3)
155,000		5.250		07/15/17		158,610
						451,835
Washington – 3.1%
COB Properties WA Lease Revenue Bonds (Bothell City Hall Project) Series 2014 (AA/NR)
1,620,000		5.000		12/01/26		1,982,605
Grays Harbor County WA Public Utility District No. 1 Revenue Bonds (Refunding) Series A (A/A1)
250,000		4.000		01/01/40		262,885
Port of Seattle WA Revenue Bonds (Refunding-Intermediate Lien) Series 2006 (XLCA) (A+/A1)
1,400,000		5.000		02/01/26		1,404,354
Washington Higher Education Facilities Authority Revenue Bonds Seattle University Project Series 2011 (Refunding) (A/NR)
560,000		5.000		05/01/18		601,294
Washington State Health Care Facilities Authority Revenue Bonds (Catholic Health Initiatives) Series D (A-/A2)
500,000		6.000		10/01/23		563,300
Washington State Health Care Facilities Authority Revenue Bonds (Multicare Health System) Series A (AA-/Aa3)
1,495,000		5.000		08/15/27		1,836,159
Washington State Housing Finance Commission Revenue Bonds (Refunding-Non-AMT-Single Family Program) Series 1N (NR/Aaa)
1,500,000		3.450		12/01/30		1,555,680

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Washington – (continued)
Washington State Housing Finance Commission Revenue Bonds (Single Family Program) Series 1N (Non-AMT) (NR/Aaa)
$     925,000		3.500	%	12/01/23	$	988,659
860,000		3.700		06/01/24		923,932
						10,118,868
Wisconsin – 1.5%
Wisconsin State Health & Educational Facilities Authority Revenue Bonds (Children’s Hospital of Wisconsin) (AA/Aa3)
1,000,000		5.000		08/15/21		1,094,000
Wisconsin State Housing & Economic Development Authority Home Ownership Revenue Bonds (Non-ACE) Series B (AA/Aa2)
1,360,000		3.150		09/01/30		1,373,138
Wisconsin State Housing & Economic Development Authority Home Ownership Revenue Bonds (Refunding) Series B (AA/Aa2)
1,000,000		3.250		09/01/26		1,038,120
Wisconsin State Housing & Economic Development Authority Revenue Bonds (Refunding) Series C (AA/Aa3)
1,395,000		4.100		05/01/43		1,459,086
						4,964,344
Wyoming – 0.4%
Lincoln County Building Corp. Lease Revenue Bonds Series 2012 (A+/NR)
290,000		2.000		05/01/16		290,000
295,000		2.000		05/01/17		298,490
305,000		3.000		05/01/18		316,690
Wyoming Community Development Authority Homeownership Mortgage Revenue Bonds Series A (NR/Aa2)
450,000		2.250		12/01/16		454,059
						1,359,239
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $294,394,935)					$	306,750,483
Shares	Description				Value
Investment Company – 1.9%
T. Rowe Price Tax-Free High Yield Fund (NR/NR)
493,274					$	5,998,206
(Cost $5,500,000)

32 The accompanying notes are an integral part of these financial statements.

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Short-term Investment(d) – 4.6%
Repurchase Agreement – 4.6%
State Street Bank & Trust Co.
$14,774,000		0.010	%	05/02/16	$	14,774,000
Maturity Value: $14,774,000
(Cost $14,774,000)
TOTAL INVESTMENTS – 101.7%
(Cost $314,668,935)					$	327,522,689
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.7)%						(5,377,166)
NET ASSETS – 100.0%					$	322,145,523

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Prerefunded security. Maturity date disclosed is prerefunding date.
(b)	Variable rate security. The interest rate shown reflects the rate as of April 30, 2016.
(c)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(d)	Repurchase agreement was entered into on April 29, 2016. This agreement was fully collateralized by $14,445,000 U.S. Treasury Note, 2.125%, due 01/31/21 with a market value of $15,070,772.
Security ratings disclosed, if any, are issued by Standard & Poor’s Ratings Services/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
AGC	—Insured by Assured Guaranty Corp.
AGM	—Insured by Assured Guaranty Municipal Corp.
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
BHAC	—Berkshire Hathaway Assurance Corp.
ETM	—Escrow to Maturity
FGIC	—Insured by Financial Guaranty Insurance Co.
FHA	—Insured by Federal Housing Administration
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
NPFG	—National Public Finance Guarantee
NR	—Not Rated
PSF-GTD	—Guaranteed by Permanent School Fund
Q-SBLF	—Qualified School Bond Loan Fund
VA	—Veterans Administration
WR	—Withdrawn Rating
XLCA	—Insured by XL Capital Assurance, Inc.

PORTFOLIO COMPOSITION

	AS OF 04/30/2016			AS OF 10/31/15
General Obligation		18.4	%		24.2	%
Education		16.9			16.1
Lease		15.5			14.9
Hospital		11.9			12.7
Transportation		8.0			6.5
Limited Tax		5.6			6.7
Single Family Housing		4.4			4.3
Prerefunded/Escrow to Maturity		4.0			1.4
Student		3.5			4.9
Water/Sewer		2.4			2.3
Multi Family Housing		2.3			1.4
Investment Company		1.9			2.0
Not For Profit		1.4			0.8
Power		0.9			1.1
Short-term Investment		4.6			1.3
TOTAL INVESTMENTS		101.7	%		100.6	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of investment companies held by the Fund are not reflected in the table above. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such, its composition may differ over time.

The accompanying notes are an integral part of these financial statements. 33

COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – 97.4%
Arizona – 0.7%
Arizona Healthcare & Education Facilities Authority Revenue Bonds (Kirksville College) (A-/NR)
$1,000,000		5.000	%	01/01/25	$	1,124,500
Pinal City Arizona Unified School District No. 1 Florence School Improvement Project of 2006 GO Bonds Series C (A/NR)
1,215,000		5.150		07/01/24		1,328,955
						2,453,455
California(a) – 0.9%
Burbank CA Unified School District GO Bonds Capital Appreciation Election of 1997 Series C (NPFG) (FGIC) (AA-/A3)
2,000,000		0.000		07/01/27		1,529,180
Washington CA Unified School District GO Bonds Capital Appreciation Election of 2004 (Yolo County) Series A (NPFG) (FGIC) (AA-/A3)
2,400,000		0.000		08/01/29		1,605,360
						3,134,540
Colorado – 0.0%
Colorado Housing & Finance Authority Revenue Bonds (Single Family Mortgage) Class I Series A (FHA) (AAA/Aaa)
60,000		4.350		11/01/19		60,000
Florida – 0.4%
Gulf Breeze FL Revenue Bonds (Local Government Loan) Series J (A+/Aa3)
1,000,000		4.500		12/01/20		1,145,510
Illinois – 1.4%
Illinois Finance Authority Revenue Bonds (Refunding-Swedish Covenant) Series A (BBB+/NR)
1,000,000		5.500		08/15/24		1,117,500
Kendall Kane & Will Counties IL Community Unit School District No. 308 Series 2014 (NR/Aa2)
2,000,000		4.125		02/01/30		2,193,440
Will County IL Community Unit School District No. 201 Crete-Monee GO Bonds (Capital Appreciation) Series 2004 (NPFG) (FGIC) (AA-/A3)(a)
1,500,000		0.000		11/01/19		1,384,875
						4,695,815
Indiana – 0.2%
Indiana Bond Bank Revenue Bonds (Special Program-Hendricks Regional Health) Series A (AA/NR)
500,000		5.500		02/01/29		555,225
Iowa – 0.4%
Waterloo Community School District Infrastructure Sales & Services Tax Revenue Bonds (Refunding) Series A (A/NR)
1,245,000		5.250		01/01/30		1,393,790
Louisiana – 2.9%
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Refunding-Independence Stadium Project) (A/NR)
1,525,000		5.000		03/01/21		1,633,000

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Louisiana – (continued)
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Woman’s Hospital Foundation) Series A (A/A3)
$7,000,000		5.500	%	10/01/25	$	8,190,000
						9,823,000
Missouri – 87.4%
Arnold MO Certificates of Participation (A+/NR)
200,000		3.000		11/01/17		206,330
230,000		3.000		11/01/18		239,557
210,000		3.000		11/01/19		217,571
225,000		3.625		11/01/22		233,010
470,000		3.700		11/01/23		486,074
225,000		3.800		11/01/24		236,648
480,000		3.875		11/01/25		504,403
250,000		4.000		11/01/26		263,780
Belton MO Certificates of Participation (A+/NR)
500,000		5.125		03/01/25		534,750
500,000		5.250		03/01/29		535,590
Belton MO School District No. 124 Direct Deposit Program GO Bonds (Refunding) Series B (AA+/Aa1)
150,000		4.000		03/01/21		158,744
Bi-State Development Agency MO Metro District Revenue Bonds (Refunding-Combined Lien) Series A (AA+/Aa3)
1,000,000		5.000		10/01/33		1,182,220
Bi-State Development Agency MO Metro District Revenue Bonds (Refunding-St. Clair County Metrolink Project) (AGM) (AA/A2)
2,000,000		5.250		07/01/20		2,310,840
Boone County MO Hospital Revenue Bonds (NR/A3)
2,350,000		5.750		08/01/28		2,596,797
Boone County MO Hospital Revenue Bonds Series 2012 (NR/A3)
400,000		4.000		08/01/18		417,532
500,000		4.000		08/01/19		530,255
Branson MO Reorganized School District No. R-4 GO Bonds Series 2012 (A+/NR)
2,000,000		4.000		03/01/27		2,185,880
Cape Girardeau County MO Industrial Development Authority Revenue Bonds (St. Francis Medical Center) Series A (A+/NR)
750,000		5.000		06/01/26		874,365
Chesterfield MO Certificates of Participation (AMBAC) (NR/Aa1)
600,000		5.000		02/15/22		715,482
Clay County MO Public School District No. 53 Liberty School Building Direct Deposit Program GO Bonds (AA+/NR)
1,280,000		5.000		03/01/25		1,386,522
Clayton MO Special Obligation Revenue Bonds (Build America Bonds) Series B (AA+/NR)
810,000		5.200		12/01/23		884,650
Columbia MO Special Obligation Revenue Bonds (Refunding) Series 2015 (AA/NR)
495,000		5.000		02/01/18		532,224
470,000		5.000		02/01/19		521,926

34 The accompanying notes are an integral part of these financial statements.

COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Columbia MO Water & Electric Revenue Bonds (Refunding & Improvement System) Series 2015 (A+/NR)
$   500,000		4.000	%	10/01/42	$	517,170
Cottleville MO Certificates of Participation (Refunding) (NR/A2)
1,000,000		3.750		08/01/32		1,018,830
Duckett Creek MO Sewer District Revenue Bonds (Refunding-System) Series 2015 (NR/Aa3)
1,300,000		5.000		12/01/24		1,620,983
1,215,000		5.000		12/01/25		1,526,356
Gladstone MO Certificates of Participation Series A (XLCA) (NR/Aa3)(b)
475,000		5.000		06/01/16		476,610
Grain Valley MO Certificates of Participation (Refunding) (NR/NR)
200,000		5.000		09/01/20		201,690
Great Rivers Greenway Metropolitan Park & Recreation District (Gateway Arch Project) Series 2014 (A+/A1)
1,000,000		5.000		12/30/26		1,215,110
Greene County MO GO Bonds Limited-Jamestown NID Project Series B (NR/Aa3)
4,280,000		5.000		04/01/32		5,011,923
Greenwood MO GO Build America Bonds Taxable Series B (AA-/NR)
500,000		5.625		03/01/25		566,505
Higginsville MO Sewage Systems Revenue Bonds (Build America Bonds-Taxable Direct Payment to Issuer) (BBB-/NR)
500,000		5.924		10/01/30		518,450
I-470 & 350 Transportation Development District MO Sales Tax Revenue Bonds (Refunding & Improvement) (Radian) (AA/WR)
250,000		4.600		06/01/29		250,195
Independence MO School District (Refunding) (Direct Deposit Program) Series 2016 (AA+/NR)
1,500,000		4.000		03/01/30		1,725,915
Independence MO School District Lease Certificates of Participation (Refunding) Series 2016 (A+/NR)
600,000		3.000		04/01/22		643,662
875,000		3.000		04/01/23		940,555
500,000		3.000		04/01/24		535,645
960,000		3.000		04/01/26		1,002,662
Jackson County MO Consolidated School District Direct Deposit Program GO Bonds (AA+/NR)(b)
2,365,000		5.000		03/01/18		2,548,169
Jackson County MO Public Building Corp. Leasehold Revenue Bonds (Capital Improvements Project) Series B (NR/Aa3)
1,085,000		4.500	(b)	12/01/16		1,109,499
Jackson County MO Public Building Corp. Leasehold Revenue Bonds Series A (NPFG) (NR/Aa3)
500,000		5.000		12/01/20		512,460
Jackson County MO School District Hickman Mills C-1 Certificates of Participation (Energy Conservation Project) Series 2015 (A-/NR)
475,000		3.000		04/15/28		479,356

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Jackson County MO School District Hickman Mills C-1 Certificates of Participation (Energy Conservation Project) Series 2015 (A-/NR) – (continued)
$   575,000		3.250	%	04/15/30	$	581,837
550,000		3.300		04/15/31		554,983
700,000		3.375		04/15/32		707,056
Jackson County MO School District No. C-1 Hickman School Building Direct Deposit Program GO Bonds (AA+/NR)(b)
500,000		5.000		03/01/18		538,725
Jackson County MO Special Obligation Revenue Bonds (Harry S. Truman Sports Complex) (AMBAC) (NR/Aa3)(b)
1,360,000		5.000		12/01/16		1,394,612
Jackson County MO Special Obligation Revenue Bonds (Refunding-Truman Sports Complex Project) Series 2014 (NR/Aa3)
4,000,000		3.000		12/01/16		4,055,000
1,000,000		5.000		12/01/25		1,244,220
Jackson County MO Special Obligation Revenue Bonds (Right of Way Project) (NR/Aa3)
1,345,000		4.000		12/01/26		1,542,971
1,455,000		4.000		12/01/28		1,642,448
Jackson County MO Special Obligation Revenue Bonds (Truman Medical Center Projects) (NR/Aa3)
890,000		4.000		12/01/17		933,334
595,000		4.250		12/01/23		670,833
Jackson County MO Special Obligation Revenue Bonds (Truman Medical Control Project) Series B (NR/Aa3)
900,000		3.500		12/01/18		957,285
920,000		3.850		12/01/20		1,022,138
500,000		4.350		12/01/23		567,905
820,000		4.500		12/01/24		936,932
Jefferson County MO Consolidated Public Water Supply District No. C-1 Waterworks Revenue Bonds (Refunding) (AA-/NR)
290,000		4.000		12/01/20		303,839
435,000		4.000		12/01/21		455,132
425,000		4.000		12/01/22		444,121
Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Freeman Health System Project) (A-/NR)
1,000,000		5.500		02/15/31		1,124,270
Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Refunding-Freeman Health System Project) Series 2014 (A-/NR)
1,895,000		5.000		02/15/27		2,222,172
Kansas City MO GO Bonds (Refunding & Improvement) Series A (AA/Aa2)
5,425,000		4.500		02/01/24		6,315,839
Kansas City MO Industrial Development Authority Revenue Bonds (AMBAC) (AA-/A1)
1,905,000		4.500		12/01/26		2,007,679
Kansas City MO Industrial Development Authority Revenue Bonds (Refunding & Downtown Redevelopment District) Series A (AA-/A1)
2,130,000		5.500		09/01/29		2,518,917

The accompanying notes are an integral part of these financial statements. 35

COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Kansas City MO Metropolitan Community Leasehold Jr. College Revenue Bonds (Refunding & Improvement) (NPFG) (FGIC) (NR/A3)(b)
$1,075,000		5.000	%	07/01/16	$	1,082,342
Kansas City MO Sanitary Sewer System Revenue Bonds (Refunding) Series A (AA/Aa2)
1,895,000		4.000		01/01/33		2,090,166
Kansas City MO Special Obligation Revenue Bonds (Arena Project) (Refunding & Improvement) Series C (AA-/A1)
2,575,000		5.500	(b)	04/01/18		2,807,342
Kansas City MO Special Obligation Revenue Bonds (Arena Project) (Refunding & Improvement) Series D (AA-/A1)
95,000		6.431		04/01/18		101,150
Kansas City MO Special Obligation Revenue Bonds (Capital Appreciation) Series E (AA-/A1)(a)
4,465,000		0.000		02/01/18		4,342,034
Kansas City MO Special Obligation Revenue Bonds (Downtown Streetcar Project) Series A (AA-/A1)
760,000		5.000		09/01/31		853,845
Kansas City MO Special Obligation Tax Allocation (East Village Project) Series A (AA-/A1)
500,000		5.000		04/15/31		565,385
Kansas City MO Water Revenue Bonds (Refunding & Improvement) Series A (AA+/Aa1)
1,000,000		5.000		12/01/16		1,025,740
Kirkwood MO Certificates of Participation (Build America Bonds-Taxable Direct Payment) (NR/Aa2)
500,000		6.050		09/01/30		525,565
Kirkwood School District Educational Facilities Authority Leasehold Revenue Bonds (Refunding) (NR/Aa2)
1,860,000		5.000		02/15/20		2,119,693
1,700,000		5.000		02/15/21		1,985,430
Ladue MO School District GO Bonds (Prerefunded-Refunding & Improvement) (NR/NR)
275,000		5.000		03/01/20		284,221
305,000		5.000		03/01/22		315,227
280,000		5.000		03/01/23		289,388
Ladue MO School District GO Bonds (Unrefunded-Refunding & Improvement) (AAA/NR)
225,000		5.000		03/01/20		233,600
240,000		5.000		03/01/22		249,442
220,000		5.000		03/01/23		228,637
Liberty MO Public School District No. 53 Lease Participation Certificates (Refunding) (School Board Association) Series 2016 (AA-/NR)
1,040,000		3.000		04/01/27		1,076,338
Missouri Development Finance Board Cultural Facilities Revenue Bonds (Nelson Gallery Foundation) Series A (AA-/NR)
1,000,000		5.000		12/01/20		1,152,750
Missouri Joint Municipal Electric Utility Commission Power Project Revenue Bonds (Refunding-Iatan 2 Project) Series A (NR/A2)
3,115,000		5.000		01/01/31		3,656,979

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri Joint Municipal Electric Utility Commission Power Project Revenue Bonds (Refunding-Prairie State Project) Series A (NR/A2)
$1,000,000		5.000	%	06/01/17	$	1,045,410
1,500,000		5.000		12/01/17		1,597,905
Missouri School Board Association Lease Certificates of Participation for Liberty Public School District No. 53 (AA-/NR)
400,000		4.000		04/01/28		433,676
425,000		5.000		04/01/31		494,424
475,000		5.000		04/01/32		551,731
500,000		5.000		04/01/33		579,865
500,000		5.000		04/01/34		578,960
Missouri School Board Association Lease Certificates of Participation for Liberty Public School District No. 53 (AGM) (AA/A2)
1,530,000		5.250	(b)	03/01/17		1,587,926
Missouri State Board of Public Buildings Special Obligation (Refunding) Series A (AA+/Aa1)
2,450,000		5.000		10/01/21		2,861,183
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series A (AA+/Aa1)
1,825,000		3.000		10/01/26		1,899,259
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series B (AA+/Aa1)
800,000		4.000		04/01/28		899,664
Missouri State Development Finance Board Cultural Facilities Revenue Bonds (Nilson Gallery Foundation) Series A (AA-/NR)
1,000,000		4.000		12/01/17		1,047,880
Missouri State Development Finance Board Revenue Bonds (Louis Convention Center) Series C (AA-/NR)(c)
1,205,000		0.280		12/01/20		1,205,000
Missouri State Development Finance Board Revenue Bonds (Variable-Taxable) (St. Louis Center) Series B (AA-/NR)(c)
3,910,000		0.600		12/01/20		3,910,000
Missouri State Environmental Improvement & Energy Resources Authority Revenue Bonds (Tri-County Water Authority Project) (NR/Aa3)
735,000		3.000		01/01/20		782,209
595,000		5.000		01/01/30		708,615
775,000		5.000		01/01/31		919,010
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Control Revenue Bonds (Unrefunded Balance-State Revolving Funds Program) Series B (GO of Authority) (NR/Aaa)
380,000		5.125		01/01/18		381,110
5,000		5.000		01/01/22		5,012
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Revenue Bonds (Prerefunded-State Revolving Fund Program) Series B (NR/NR)(b)
805,000		5.000		07/01/16		810,691

36 The accompanying notes are an integral part of these financial statements.

COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Revenue Bonds (Prerefunded-State Revolving Funds Programs) Series A (NR/NR)(b)
$   310,000		5.500	%	01/01/19	$	347,544
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Revenue Bonds (Unrefunded-State Revolving Fund Program) Series B (NR/Aaa)
310,000		5.000		07/01/17		312,229
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Revenue Bonds (Unrefunded-State Revolving Funds Programs) Series A (NR/Aaa)
90,000		5.500		01/01/23		100,976
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (A.T. Still University of Health Sciences) Series 2011 (A-/NR)
510,000		3.000		10/01/17		525,315
525,000		4.000		10/01/18		557,597
545,000		4.000		10/01/19		589,913
400,000		3.500		10/01/21		431,888
1,850,000		5.250		10/01/41		2,080,898
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Kansas City University of Medicine And Biosciences) Series A (NR/A1)
1,440,000		4.500		06/01/28		1,649,794
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Ranken Technical College) Series A (A/A3)
1,000,000		5.125		11/01/31		1,130,160
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (University of Central Missouri) Series C (A/NR)
2,400,000		5.000		10/01/26		2,882,448
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Heartland Refunding Medical Center) (NR/A1)
2,000,000		5.000		02/15/37		2,191,840
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Prerefunded-Cox Health) Series A (NR/NR)(b)
1,880,000		5.125		11/15/18		2,073,790
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-Cox Health) Series A (NR/A2)
2,500,000		5.000		11/15/35		2,916,275
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-St. Luke’s Episcopal-Presbyterian Hospitals) Series B (A+/NR)
1,000,000		5.000		12/01/33		1,163,880
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (St. Lukes Episcopal) Series 2011 (A+/NR)
2,270,000		5.000		12/01/25		2,665,479

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Unrefunded-Cox Health) Series A (NR/A2)
$   470,000		5.125	%	11/15/23	$	519,947
Missouri State Health & Educational Facilities Authority Health Facllities Revenue Bonds (Refunding-St. Luke’s Episcopal-Presbyterian Hospitals) Series B (A+/NR)
1,375,000		5.000		12/01/31		1,615,914
Missouri State Health & Educational Facilities Authority Revenue Bonds (BJC Health System) Series 2014 (AA/Aa2)
1,000,000		5.000		01/01/17		1,028,720
1,000,000		5.000		01/01/18		1,070,940
Missouri State Health & Educational Facilities Authority Revenue Bonds (BJC Health System) Series B (AA/Aa2)(c)
5,000,000		0.420		05/15/34		5,000,000
Missouri State Health & Educational Facilities Authority Revenue Bonds (Children’s Mercy Hospital) (A+/NR)
1,000,000		5.000		05/15/23		1,115,930
Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding & Improvement-Webster University Project) Series 2011 (NR/A2)
2,000,000		5.000		04/01/22		2,319,740
2,000,000		5.000		04/01/25		2,314,620
Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding-Lake Regional Health System) (BBB+/NR)
2,000,000		5.000		02/15/19		2,177,320
Missouri State Health & Educational Facilities Authority Revenue Bonds (SSM Health Care) Series B (A+/NR)
1,000,000		5.000		06/01/21		1,150,670
1,000,000		4.500		06/01/25		1,109,360
Missouri State Health & Educational Facilities Authority Revenue Bonds (St. Louis College of Pharmacy) Series B (BBB/NR)
500,000		5.000		05/01/30		549,395
1,410,000		5.000		05/01/40		1,503,314
Missouri State Health & Educational Facilities Authority Revenue Bonds (St. Louis University) Series A (NR/A1)(c)
535,000		0.300		10/01/16		535,000
Missouri State Health & Educational Facilities Authority Revenue Bonds (St. Lukes Health System) Series A (AGM) (AA/A1)
1,000,000		5.000		11/15/19		1,135,800
Missouri State Health & Educational Facilities Authority Revenue Bonds (Variable-Ascension Health Senior Credit Group) Series 2008 (AA+/Aa2)(c)
5,000,000		0.390		11/15/26		5,000,000
Missouri State Health & Educational Facilities Authority Revenue Bonds (Variable-St. Louis University) Series B-1 (AAA/Aa2)(c)
300,000		0.300		10/01/35		300,000
Missouri State Health & Educational Facilities Authority Revenue Bonds (Variable-Washington University) Series B (JP Morgan Chase Bank NA) (AAA/Aaa)(c)
500,000		0.300		03/01/40		500,000

The accompanying notes are an integral part of these financial statements. 37

COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri State Highways & Transit Commission Road Revenue Bonds (Second Lien) (AAA/Aa1)(b)
$1,165,000		5.250	%	05/01/17	$	1,218,357
Missouri State Highways & Transit Commission State Road Revenue Bonds (First Lien) Series B (AAA/Aaa)(b)
4,350,000		5.000		05/01/16		4,350,000
Missouri State Housing Development Commission Multi Family Housing Revenue Bonds (Courthouse Apartments LLC) Series 2009-1 (FHA) (AA+/NR)
610,000		5.250		07/01/42		639,933
Missouri State Housing Development Commission Multi Family Housing Revenue Bonds (Samantha Heights Apartments Project) Series 2 (FHA) (AA+/NR)
500,000		4.375		07/01/30		525,995
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series B-2 (GNMA/FNMA/FHLMC) (AA+/NR)
2,645,000		3.550		11/01/30		2,763,152
2,500,000		3.950		11/01/40		2,617,600
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Special Homeownership Loan Program Market Bonds) Series E-1 (FHLMC) (AA+/NR)
322,000		3.950		05/01/21		332,069
385,000		3.950		11/01/21		397,039
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Special Homeownership Loan Program) (Non-AMT) Series E-4 (GNMA/FNMA/FHLMC) (AA+/NR)
265,000		3.600		11/01/23		281,414
410,000		3.750		05/01/24		437,285
340,000		3.800		05/01/25		359,965
Missouri State University Auxiliary Enterprise System Revenue Bonds (Refunding) Series A (A+/A1)
1,170,000		4.000		04/01/19		1,268,245
2,835,000		4.000		04/01/26		3,132,788
Monarch-Chesterfield MO Levee District Special Tax (NR/NR)(b)
3,425,000		4.000		03/01/17		3,516,653
Nodaway County MO Industrial Development Authority Educational Facilities Revenue Bonds (Variable-Northwest Foundation, Inc.) Series 2008 (AA-/NR)(c)
310,000		0.410		11/01/28		310,000
North Kansas City MO Levee District (Improvement) Series 2011 (A-/NR)
275,000		3.000		04/01/18		285,689
280,000		3.000		04/01/19		290,769
265,000		3.250		04/01/20		276,066
275,000		4.000		04/01/21		294,896
315,000		4.000		04/01/22		337,047
385,000		4.500		04/01/27		420,047
405,000		4.500		04/01/28		440,292
425,000		4.625		04/01/29		461,890
445,000		4.750		04/01/30		486,403

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
North Kansas City MO School District No. 74 Certificates of Participation Series 2015 (NR/Aa3)
$   520,000		3.000	%	09/01/17	$	535,746
540,000		3.000		09/01/18		565,007
Northwest Missouri State University Revenue Bonds (Housing System) (NR/A3)
1,535,000		2.000		06/01/19		1,550,580
2,750,000		4.000		06/01/26		3,013,615
2,925,000		4.000		06/01/27		3,167,395
1,000,000		4.000		06/01/28		1,075,280
O’Fallon MO Certificates of Participation (NPFG) (NR/Aa3)
1,000,000		5.250		11/01/18		1,101,980
O’Fallon MO Special Obligation Revenue Bonds Series 2012 (AA-/NR)
1,135,000		4.000		11/01/22		1,245,685
OTC Public Building Corp. MO Build America Bonds Revenue Bonds Series 2010 (AGM) (AA/NR)
1,000,000		6.400		03/01/30		1,124,530
OTC Public Building Corp. MO Leasehold Revenue Bonds (Refunding-Ozarks Technical Community College) (AGM) (AA/NR)
1,500,000		5.000		03/01/19		1,656,075
Ozark MO Certificates of Participation Series 2014 (A+/NR)
500,000		5.000		09/01/44		554,885
Ozark MO Reorganized School District No. R-6 GO Bonds (Direct Deposit Program) (AGM) (AA+/A2)
440,000		5.000		03/01/22		454,898
Ozark MO Reorganized School District No. R-6 GO Bonds (Direct Deposit Program) (Refunding & Improvement) Series 2015 (AA+/NR)
1,000,000		4.000		03/01/30		1,102,330
1,000,000		4.000		03/01/34		1,081,310
1,500,000		4.000		03/01/35		1,616,130
Platte County MO Industrial Development Authority Transportation Revenue Bonds (Refunding & Improvement-Zona Rosa Retail Project) (AA-/NR)
435,000		5.000		12/01/18		463,819
850,000		5.000		12/01/20		906,032
Platte County MO R-3 School District Building Corp. Leasehold Revenue Bonds (School Project) (AA-/NR)
1,000,000		4.000		04/01/23		1,126,960
550,000		4.000		04/01/28		595,672
800,000		4.000		04/01/29		858,240
1,475,000		4.000		04/01/30		1,576,539
Republic MO Special Obligation Revenue Bonds (A/NR)
150,000		2.650		05/01/16		150,000
330,000		2.500		08/01/16		331,469
125,000		3.000		05/01/17		127,711
345,000		3.000		08/01/17		354,401
150,000		3.150		05/01/18		155,469
360,000		3.000		08/01/18		373,151
150,000		3.300		05/01/19		155,189
250,000		3.500		05/01/20		259,375
300,000		3.750		05/01/21		314,223
325,000		3.875		05/01/22		340,418

38 The accompanying notes are an integral part of these financial statements.

COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Rolla MO Certificates of Participation Series B (A+/NR)
$   225,000		3.150	%	07/01/27	$	229,678
410,000		3.450		07/01/32		417,745
Saint Charles MO GO Bonds (Neighborhood Improvement District-Phase Two) Series B (NR/Aa2)(b)
1,035,000		3.000	��	09/01/16		1,043,487
Saint Charles MO GO Bonds (Neighborhood Improvement District-Phase Two) Series B (NR/Aa2)(b)
645,000		3.000		09/01/16		650,289
Saint Louis MO Airport Revenue Bonds (Lambert-St. Louis International Airport) Series 2005 (NPFG) (AA-/A3)
2,135,000		5.500		07/01/28		2,720,417
Saint Louis MO Parking Revenue Bonds (Prerefunded) Series A (NPFG) (NR/A1)(b)
915,000		5.000		12/15/16		939,861
Saint Louis MO Parking Revenue Bonds (Unrefunded) Series A (NPFG) (NR/A1)
360,000		5.000		12/15/22		369,418
Saint Louis MO Special Administrative Board of the Transitional School District GO Bonds (Direct Deposit Program) Series 2012 (AA+/NR)
3,000,000		4.000		04/01/23		3,434,460
Saint Louis MO Special Administrative Board of the Transitional School District GO Bonds (Direct Deposit Program) Series A (AA+/NR)
1,300,000		4.000		04/01/23		1,488,266
Saint Louis MO Special Administrative Board of the Transitional School District GO Bonds (Direct Deposit Program) Series B (AA+/NR)
2,675,000		4.000		04/01/24		2,989,794
Springfield MO Public Building Corp. Leasehold Revenue Bonds (Taxable Improvement-Branson National Airport) (NR/Aa2)
540,000		6.750		03/01/28		594,427
575,000		6.850		03/01/29		631,793
Springfield MO Public Building Corp. Revenue Bonds (AMT-Springfield Branson Airport) Series B (AMBAC) (NR/Aa2)
400,000		5.000		07/01/16		402,652
Springfield MO Public Utility Revenue Bonds (Refunding) Series 2015 (AA+/NR)
1,310,000		4.000		08/01/31		1,471,209
Springfield MO Special Obligation Revenue Bonds (College Station Garage Project) Series A (NR/Aa3)
190,000		4.500		11/01/18		200,433
530,000		4.500		11/01/19		558,450
610,000		4.500		11/01/20		642,653
645,000		4.750		11/01/21		681,810
685,000		4.750		11/01/22		723,990
Springfield MO Special Obligation Revenue Bonds (Heers Garage Project) Series B (NR/Aa3)
385,000		4.750		11/01/21		406,972
405,000		4.750		11/01/22		428,053

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Springfield MO Special Obligation Revenue Bonds (Sewer Systems Improvement Project) Series 2012 (NR/Aa2)
$1,275,000		5.000	%	04/01/22	$	1,537,612
1,340,000		5.000		04/01/23		1,612,623
St. Charles County MO Public Water Supply District No. 2 Certificates of Participation (AA/NR)
2,115,000		4.000		12/01/20		2,115,000
100,000		5.200		12/01/31		100,000
St. Charles MO Certificates of Participation Build America Bonds Series B (NR/Aa3)
1,250,000		5.650		02/01/30		1,339,275
St. Charles MO Certificates of Participation Series 2012 (NR/A1)
1,000,000		3.000		05/01/22		1,035,390
St. Joseph MO Industrial Development Authority Special Obligation Revenue Bonds (Refunding) (Sewer System Improvements Project) Series B (A+/NR)
1,085,000		5.000		04/01/26		1,321,682
St. Louis County MO Industrial Development Authority Health Facilities Revenue Bonds (Refunding-Ranken Jordan Project) (NR/NR)
515,000		5.000		11/15/16		518,991
St. Louis County MO Library District Certificates of Participation (AA/Aa2)
1,855,000		4.000		04/01/25		2,100,917
1,930,000		4.000		04/01/26		2,162,005
2,010,000		4.000		04/01/27		2,225,713
St. Louis County MO Parkway School District No. C-2 GO Bonds (Refunding & Improvement) (AAA/NR)
400,000		3.250		03/01/19		427,664
St. Louis County MO Parkway School District No. C-2 GO Bonds Series B (AAA/NR)
1,000,000		4.000		03/01/32		1,125,690
St. Louis County MO Regional Convention & Sports Complex Authority Revenue Bonds (Refunding-Convention & Sports Facilities) Series B (AA/NR)
875,000		5.000		08/15/20		1,011,334
St. Louis County MO Special Obligation Revenue Bonds Series 2009 (AA/Aa2)
1,500,000		3.000		05/15/17		1,536,615
St. Louis County MO Special School District Certificates of Participation (Lease) Series B (AA/NR)
1,735,000		4.000		04/01/26		1,935,635
St. Louis MO Airport Revenue Bonds (Refunding-Lambert International Airport) Series 2012 (AMT) (A-/A3)
1,280,000		5.000		07/01/23		1,468,634
St. Louis MO Airport Revenue Bonds (Refunding-Lambert International Airport) Series B (AMT) (AGM) (AA/A2)
2,000,000		5.000		07/01/24		2,091,400
St. Louis MO Junior College District Building Corp. Leasehold Revenue Bonds (Refunding) (AA/NR)
750,000		3.000		04/01/21		800,467
800,000		3.000		04/01/22		857,288
800,000		3.000		04/01/23		851,720

The accompanying notes are an integral part of these financial statements. 39

COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
St. Louis MO Muni Finance Corp. (Refunding-Carnahan Court House) Series A (A/NR)
$2,710,000		5.000	%	02/15/27	$	3,384,465
St. Louis MO Special Administrative Board Transitional School District GO Bonds (Direct Deposit Program) (AA+/NR)(b)
4,250,000		5.000		04/01/18		4,593,272
St. Peters MO Certificates of Participation (Refunding) Series 2013 (NR/A1)
695,000		3.250		05/01/21		738,062
Truman MO State University Housing Society Revenue Bonds (Refunding-Revenue) Series 2016 (NR/A1)
865,000		3.000		06/01/25		917,246
Truman State University MO Housing System Revenue Bonds (Refunding) (NR/A1)
765,000		4.000		06/01/21		845,111
Valley Park MO School District Educational Facilities Authority Leasehold Revenue Bonds (Refunding) (A+/NR)
300,000		2.750		03/01/17		304,950
345,000		3.000		03/01/18		359,235
360,000		3.000	(b)	03/01/18		374,854
385,000		3.150	(b)	03/01/18		401,928
700,000		3.300	(b)	03/01/18		732,683
Wentzville MO Certificates of Participation (Refunding) Series 2015 (NR/Aa3)
1,160,000		4.000		08/01/25		1,337,921
1,000,000		4.000		08/01/26		1,137,210
Wentzville MO School District No. 4 (Refunding) (Direct Deposit Program) Series 2016 (NR/NR)(a)
2,000,000		0.000		03/01/26		1,584,020
2,095,000		0.000		03/01/27		1,592,032
Wentzville R-IV School District MO Lease Certificates of Participation Series 2012 (NR/Aa3)
340,000		3.000		04/01/17		347,256
560,000		3.000		04/01/18		583,934
1,270,000		3.250		04/01/21		1,331,900
Wentzville R-IV School District MO Lease Certificates of Participation Series 2015 (NR/Aa3)
565,000		5.000		04/01/24		698,176
990,000		4.000		04/01/25		1,135,708
Willard MO Certificates of Participation (Parks & Recreation Project) Series B (A-/NR)(b)
625,000		6.625		06/01/17		664,862
Wright City MO Industrial Revenue Bonds (Variable-Watlow Process System, Inc.) Series 2002 (A/NR)(c)
600,000		0.540		04/01/32		600,000
						297,014,688
New Hampshire – 1.0%
New Hampshire Health & Education Facilities Authority Revenue Bonds (Concord Hospital) Series A (NR/A2)
1,340,000		4.000		10/01/22		1,517,657
1,750,000		4.000		10/01/33		1,858,640
						3,376,297

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
New Jersey(c) – 1.8%
New Jersey State Economic Development Authority Revenue Bonds School Facilities Construction (Refunding) Series F (A-/A3)
$6,000,000		2.204	%	02/01/18	$	5,993,220
Pennsylvania – 0.3%
Delaware County Authority University Revenue Bonds for Neumann University (BBB/NR)
1,000,000		5.000		10/01/25		1,136,380
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $314,302,798)					$	330,781,920
Shares	Description				Value
Investment Company – 2.2%
T. Rowe Price Tax-Free High Yield Fund (NR/NR)
627,803					$	7,634,081
(Cost $7,000,000)
Principal Amount	Interest Rate			Maturity Date	Value
Short-term Investment(d) – 2.1%
Repurchase Agreement – 2.1%
State Street Bank & Trust Co.
$7,077,000		0.010	%	05/02/16	$	7,077,000
Maturity Value: $7,077,000
(Cost $7,077,000)
TOTAL INVESTMENTS – 101.7%
(Cost $328,379,798)					$	345,493,001
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.7)%						(5,741,736)
NET ASSETS – 100.0%					$	339,751,265

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(b)	Prerefunded security. Maturity date disclosed is prerefunding date.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at April 30, 2016.
(d)	Repurchase agreement was entered into on April 29, 2016. This agreement was fully collateralized by $6,920,000 U.S. Treasury Note, 2.125%, due 01/31/21 with a market value of $7,219,781.
Security ratings disclosed, if any, are issued by Standard & Poor’s Ratings Services/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.

40 The accompanying notes are an integral part of these financial statements.

COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Investment Abbreviations:
AGM	—Insured by Assured Guaranty Municipal Corp.
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
FGIC	—Insured by Financial Guaranty Insurance Co.
FHA	—Insured by Federal Housing Administration
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
NPFG	—National Public Finance Guarantee
NR	—Not Rated
Radian	—Insured by Radian Asset Assurance
WR	—Withdrawn Rating
XLCA	—Insured by XL Capital Assurance, Inc.

PORTFOLIO COMPOSITION

	AS OF 04/30/2016			AS OF 10/31/15
Lease		24.1	%		21.6	%
Hospital		15.8			12.2
General Obligation		13.7			16.8
Education		11.3			12.6
Prerefunded/Escrow to Maturity		10.3			6.9
Limited Tax		8.9			11.8
Water/Sewer		4.8			4.6
Transportation		2.9			3.1
Investment Company		2.2			2.4
Single Family Housing		2.1			2.5
Power		1.9			2.0
Not For Profit		0.6			0.7
Crossover		0.5			1.1
Multi Family Housing		0.3			0.4
Industrial Development Revenue Bonds and Pollution Control Revenue		0.2			—
Short-term Investment		2.1			0.5
TOTAL INVESTMENTS		101.7	%		99.2	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of investment companies held by the Fund are not reflected in the table above. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such, its composition may differ over time.

The accompanying notes are an integral part of these financial statements. 41

COMMERCE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – 92.4%
Arizona – 0.4%
Arizona Healthcare & Education Facilities Authority Revenue Bonds (Kirksville College) (A-/NR)
$   450,000		5.000	%		01/01/25	$	506,025
California(a) – 1.8%
Burbank CA Unified School District GO Bonds Capital Appreciation Election of 1997 Series C (NPFG) (FGIC) (AA-/A3)
670,000		0.000			07/01/27		512,275
San Marcos Unified School District GO Bonds (Capital Appreciation) (AA-/Aa3)
2,275,000		0.000			08/01/24		1,899,625
							2,411,900
Illinois(a) – 0.3%
Will County IL Community Unit School District No. 201 Crete-Monee GO Bonds (Capital Appreciation) Series 2004 (NPFG) (FGIC) (AA-/A3)
500,000		0.000			11/01/19		461,625
Kansas – 84.5%
Allen County KS Public Building Community Revenue Bonds (Allen County Hospital Project) Series 2012 (A/NR)
1,090,000		5.000			12/01/27		1,259,975
1,140,000		5.000			12/01/28		1,314,032
1,195,000		5.000			12/01/29		1,361,858
Blue Valley KS Recreation Commission Certificates of Participation (Recreation Facilities) (AGM) (AA/Aa2)
800,000		4.000			10/01/27		895,056
Bourbon County KS Unified School District No. 234-Fort Scott GO Bonds Series 2014 (A/NR)
900,000		5.000			09/01/23		1,094,724
Burlington KS Pollution Control Revenue Bonds (Refunding Gas & Electric) (NPFG) (AA-/A2)
190,000		4.850			06/01/31		190,498
Butler County KS Unified School District No. 490 GO Bonds (Refunding-School Building) Series A (AA-/NR)
500,000		5.000			09/01/18		546,690
Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding) (AMBAC) (NR/WR)
1,000,000		5.250			09/01/24		1,202,990
City of Abilene KS Public Building Commission Revenue Bonds Series 2011 (AA-/NR)
595,000		4.150			12/01/27		644,915
City of Manhattan KS Hospital Revenue Bonds (Refunding-Mercy Regional Hospital Center, Inc.) Series 2013 (A+/NR)
1,000,000		4.000			11/15/16		1,017,820
2,000,000		5.000			11/15/29		2,266,020
City of McPherson KS Water System Revenue Bonds Series 2012 (Refunding) (A+/NR)
235,000		3.000			10/01/17		242,224
500,000		3.000			10/01/18		517,430
655,000		4.000			10/01/19		707,839
Coffeyville Public Building Commission Health Care Facilities Revenue Bonds Regional Medical Center (Refunding) Series 2012 (A+/NR)
1,115,000		3.000			08/01/18		1,130,643

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
County of Shawnee KS Certificates of Participation First Responders Communications Projects Series 2012 (NR/Aa3)
$1,145,000		4.000	%	09/01/26	$	1,253,844
Cowley County KS Unified School District No. 470 Arkansas City GO Bonds (Refunding) (A-/NR)
235,000		4.000		09/01/18		244,384
Dodge City KS Industrial Revenue Bonds (Dodge City Community College Activity Center) Series 2014 (A+/NR)
735,000		2.000		07/15/17		745,841
Dodge City KS Revenue Bonds (Refunding & Improvement) Series B (A+/NR)
1,815,000		4.000		09/01/20		2,011,528
Finney County Unified School District No. 457 GO Bonds (Refunding) Series A (A+/NR)
1,530,000		4.000		09/01/30		1,721,357
Franklin County KS Unified School District No. 290 GO Bonds Series A (NR/A1)
1,720,000		5.000		09/01/32		2,067,715
750,000		5.000		09/01/40		873,847
Harvey County KS Unified School District No. 373 Newton GO Bonds (Refunding) Series 2014 (A+/NR)
550,000		2.000		09/01/17		558,387
Johnson & Miami County KS Unified School District No. 230 GO Bonds (Refunding) Series 2016 (NR/Aa3)
1,000,000		3.000		09/01/18		1,048,680
1,000,000		5.000		09/01/26		1,277,100
1,000,000		3.500		09/01/30		1,084,670
Johnson County KS Park & Recreation District Certificates of Participation Series A (NR/Aa2)
1,000,000		4.000		09/01/23		1,147,050
Johnson County KS Public Building Commission Lease Purchase Revenue Bonds (Refunding) Series C (AAA/Aaa)
750,000		4.000		09/01/18		805,350
500,000		4.000		09/01/20		561,750
Johnson County KS Unified School District No. 229 GO Bonds Series A (AA+/Aaa)
945,000		4.000		10/01/23		1,037,119
Johnson County KS Unified School District No. 231 GO Bonds (Improvement) Series 2013-A (AA-/NR)
2,395,000		5.000		10/01/22		2,895,555
Johnson County KS Unified School District No. 231 GO Bonds (Prerefunded-Refunding & Improvement) Series B (AMBAC) (NR/NR)(b)
650,000		5.000		10/01/16		661,856
Johnson County KS Unified School District No. 231 GO Bonds (Refunding & Improvement) Series A (FGIC) (AA-/A3)
500,000		6.000		10/01/16		511,055
Johnson County KS Unified School District No. 231 GO Bonds (Unrefunded) (Refunding & Improvement) Series B (AMBAC) (AA-/NR)
275,000		5.000		10/01/22		280,473
Johnson County KS Unified School District No. 233 GO Bonds (Refunding & Improvement) Series C (AA/Aa2)
500,000		5.000		09/01/27		593,690

42 The accompanying notes are an integral part of these financial statements.

COMMERCE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Johnson County KS Unified School District No. 512 Shawnee Mission GO Bonds (Refunding) Series A (NR/Aaa)
$1,000,000		4.000	%	10/01/35	$	1,117,930
Junction City KS GO Bonds (Refunding Water & Sewer System) Series B (A+/NR)
825,000		5.500		09/01/36		981,552
Junction City KS GO Bonds (Refunding) Series A (A+/NR)
560,000		5.000		09/01/18		612,024
600,000		5.000		09/01/33		696,312
600,000		5.000		09/01/34		695,316
Kansas Development Finance Authority Revenue Bonds (Wichita University Project) Series A (NR/Aa3)
525,000		3.000		06/01/23		547,538
Kansas Development Finance Authority Revenue Bonds (Wichita University Union Corporation Student Housing Project) Series F-1 (NR/Aa3)
1,000,000		5.000		06/01/24		1,173,080
790,000		5.250		06/01/42		906,730
Kansas Power Pool Electric Utility Revenue Bonds (Dogwood Energy Facilities) Series A (NR/A3)
500,000		5.000		12/01/19		566,475
Kansas State Department of Transportation Revenue Bonds Series C-2 (AAA/Aa2)(c)
3,000,000		0.390		09/01/22		3,000,000
Kansas State Development Finance Authority Health Facilities Revenue Bonds (Hays Medical Center, Inc.) Series L (NR/A2)
1,750,000		5.000		11/15/20		1,756,037
Kansas State Development Finance Authority Health Facilities Revenue Bonds (Hays Medical Center, Inc.) Series Q (NR/A2)
750,000		5.000		05/15/35		818,850
Kansas State Development Finance Authority Hospital Revenue Bonds (Adventist Health) (AA-/Aa2)
1,000,000		5.500		11/15/23		1,167,860
Kansas State Development Finance Authority Hospital Revenue Bonds (Adventist Health) Series D (AA-/Aa2)
800,000		5.000		11/15/24		855,968
Kansas State Development Finance Authority Revenue Bonds (Athletic Facilities) Series A-1 (A-/A1)
500,000		4.875		07/01/27		503,480
1,425,000		5.250		07/01/31		1,435,759
Kansas State Development Finance Authority Revenue Bonds (Department of Commerce) Series K (AA-/A3)
2,000,000		3.500		06/01/23		2,103,700
Kansas State Development Finance Authority Revenue Bonds (Health Facilities) Series F (NR/A2)
1,000,000		5.000		11/15/26		1,112,250
Kansas State Development Finance Authority Revenue Bonds (Kansas Project) Series M-1 (AA-/Aa3)
500,000		5.000		11/01/16		510,960
1,500,000		5.000		11/01/20		1,709,820
2,000,000		5.000		11/01/27		2,271,620
Kansas State Development Finance Authority Revenue Bonds (Kansas State Projects) Series E-1 (AA-/Aa3)
700,000		5.000		11/01/22		812,980

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Kansas State Development Finance Authority Revenue Bonds (Kansas State Projects) Series K (NPFG) (AA-/Aa3)(b)
$1,000,000		5.250	%	11/01/17	$	1,064,310
Kansas State Development Finance Authority Revenue Bonds (Sisters of Charity of Leavenworth) Series A (AA-/Aa3)
3,340,000		5.250		01/01/25		3,814,948
Kansas State Development Finance Authority Revenue Bonds (University Projects) Series A (AA-/Aa2)
2,000,000		4.000		03/01/31		2,192,580
Kansas State Development Finance Authority Revenue Bonds (Water Pollution Control Revolving Fund II) (AAA/Aaa)
280,000		5.500		05/01/17		294,546
Kansas State Development Finance Authority Revenue Bonds Series G (AA-/Aa3)
1,000,000		5.000		04/01/30		1,172,930
Leavenworth County KS Unified School District No. 453 GO Bonds (Refunding & Improvement) Series A (AGM) (NR/Aa3)(b)
1,455,000		5.250		09/01/19		1,651,076
Leavenworth County KS Unified School District No. 458 GO Bonds (Refunding & Improvement) Series A (NR/Aa3)(b)
1,415,000		5.250		09/01/19		1,608,176
Leavenworth County KS Unified School District No. 464 GO Bonds (Refunding & Improvement) Series B (NR/A1)
500,000		4.000		09/01/26		554,845
Lyons KS Public Building Commission Revenue Bonds (A+/NR)
315,000		5.000		10/01/23		344,588
Miami County Unified School District No. 416 Louisburg, KS GO Bonds (Refunding & Improvement) (NPFG) (AA-/A3)
365,000		5.000	(b)	09/01/16		370,362
1,285,000		5.000		09/01/17		1,303,324
Olathe KS Health Facilities Revenue Bonds (Medical Center Project) Series 2008 (A+/NR)
1,195,000		5.125		09/01/21		1,268,050
Overland Park KS GO Bonds (Internal Improvement) Series A (AAA/Aaa)
1,070,000		3.000		09/01/19		1,144,525
Pratt County KS Public Building Commission Revenue Bonds (AA-/NR)
300,000		5.000		12/01/19		334,857
400,000		5.000		12/01/20		455,776
Reno County KS Unified School District No. 308 Hutchinson GO Bonds Series A (NPFG) (NR/Aa3)
500,000		4.500		09/01/22		522,430
Reno County KS Unified School District No. 313 GO Bonds Series A (NR/A2)
1,930,000		4.000		09/01/26		2,129,639
Riley County KS Unified School District No. 383 GO Bonds (Refunding) Series 2016 (NR/Aa2)
2,000,000		3.000		09/01/30		2,084,900
Sedgwick County KS Public Building Commission Revenue Bonds (Technical Education Complex Project) Series 2008-1 (NR/Aaa)
1,000,000		5.250		08/01/18		1,093,490

The accompanying notes are an integral part of these financial statements. 43

COMMERCE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Sedgwick County KS Unified School District No. 260 GO Bonds (Refunding) Series 2016 (NR/Aa3)
$1,000,000		4.000	%	10/01/30	$	1,175,230
1,000,000		4.000		10/01/31		1,175,400
Sedgwick County KS Unified School District No. 261 GO Bonds (Prerefunded-Refunding & School Improvement) Series 2007 (AGM) (AA/NR)(b)
1,475,000		5.000		11/01/17		1,563,264
Sedgwick County KS Unified School District No. 261 GO Bonds (Unrefunded-Refunding & School Improvement) Series 2007 (AGM) (AA/NR)
25,000		5.000		11/01/32		26,592
Sedgwick County KS Unified School District No. 262 GO Bonds (Refunding) Series 2015 (A+/NR)
800,000		4.000		09/01/25		918,816
1,500,000		4.000		09/01/26		1,700,670
Sedgwick County KS Unified School District No. 265 GO Bonds (Refunding) Series B (NR/Aa3)
1,300,000		4.000		10/01/29		1,477,710
Sedwick & Shawnee County KS Single Family Mortgage Revenue Bonds (Mortgage Backed Securities Program) AMT Series B-3 (FHLMC/FNMA/GNMA) (NR/Aa1)
360,000		5.250		12/01/38		375,077
Seward County KS Unified School District No. 480 GO Bonds (Refunding & Improvement) (A+/A1)
1,000,000		5.000		09/01/23		1,207,510
Shawnee County KS Certificates of Participation (Refunding) Series B (NR/Aa3)
845,000		3.000		09/01/20		906,322
Shawnee County KS Certificates of Participation Health Agency Parks & Recreation Projects (NR/A1)
200,000		3.750		09/01/18		213,658
Shawnee County KS Certificates of Participation Series 2015 (NR/Aa3)
485,000		4.000		09/01/30		539,616
1,000,000		4.000		09/01/31		1,105,640
1,065,000		5.000		09/01/32		1,285,199
Shawnee County KS GO Bonds (Refunding) Series 2015 (NR/Aa2)
435,000		3.000		09/01/22		477,813
450,000		3.000		09/01/23		496,980
490,000		3.000		09/01/25		542,479
Shawnee County KS Unified School District No. 345 Seaman GO Bonds (Commercial Mortgage Backed Securities-Refunding-Improvement) Series A (NR/Aa3)(a)
2,000,000		0.000		09/01/23		1,741,240
Topeka KS Public Building Commission Revenue Bonds (Refunding 10th & Jackson Project) Series A (NPFG) (AA-/A3)
35,000		5.000		06/01/16		35,118
1,000,000		5.000		06/01/23		1,102,400
Topeka KS Public Building Commission Revenue Bonds (Refunding Department of Social and Rehabilitation Project) Series B (NPFG) (AA-/A3)
300,000		5.000		06/01/23		330,720
475,000		5.000		06/01/24		523,536

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
University of Kansas Hospital Authority Health Facilities Revenue Bonds (Refunding & Improvement) (Kansas University Health System) (A+/NR)
$   530,000		5.000	%	09/01/29	$	638,120
Washburn University KS Revenue Bonds Series 2014 (Refunding) (NR/A1)
435,000		3.000		07/01/20		466,664
460,000		3.000		07/01/22		501,570
Wichita KS GO Bonds (AMT-Airport) Series C (AA+/Aa1)
590,000		5.000		12/01/25		720,520
Wichita KS Water & Sewer Utility Revenue Bonds (Refunding) Series B (AA-/NR)
415,000		4.000		10/01/26		478,939
Wyandotte County Kansas City KS Unified Government Utility System Revenue Bonds Series A (BHAC) (AA+/Aa1)
1,000,000		5.000		09/01/24		1,107,290
Wyandotte County KS School District No. 500 GO Bonds (Refunding) (AA-/Aa2)
1,405,000		4.000		09/01/20		1,578,517
Wyandotte County KS Unified Government Utility System (Refunding & Improvement) Revenue Bonds Series 2011-A (A+/NR)
1,400,000		5.000		09/01/20		1,624,826
Wyandotte County-Kansas City Unified Government Special Obligation Revenue Bonds (Refunding-Sales Tax-KS International Speedway Corp. Project) Series 2014 (A+/NR)
300,000		5.000		12/01/16		307,389
400,000		5.000		12/01/17		425,784
Wyandotte County-Kansas City Unified Government Special Obligation Revenue Bonds (Sub Lien-Redevelopment Project Area) (Refunding) Series B (AA-/NR)
455,000		5.000		12/01/16		466,607
						111,772,774
Louisiana – 1.8%
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Woman’s Hospital Foundation) Series A (A/A3)
2,000,000		5.500		10/01/25		2,340,000
Maryland – 1.0%
Montgomery County MD Housing Opportunities Commission Manufacturing & Reconstruction Development Revenue Bonds Series A-1 (NR/Aaa)
1,285,000		4.000		07/01/45		1,329,474
Massachusetts – 0.2%
Massachusetts Educational Financing Authority Education Loan Revenue Bonds (Issue I) Series A (AA/NR)
240,000		5.300		01/01/30		258,643
Pennsylvania – 0.5%
Delaware County Authority University Revenue Bonds for Neumann University (BBB/NR)
605,000		5.000		10/01/25		687,510

44 The accompanying notes are an integral part of these financial statements.

COMMERCE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
South Carolina(b) – 1.2%
Kershaw County SC Public School Foundation Installment Power Revenue Bonds (School District Project) (AGC) (AA/A3)
$   500,000		5.000	%	12/01/16	$	512,725
South Carolina Transportation Infrastructure Bank Revenue Bonds Series A (XLCA) (NR/A1)
1,000,000		5.000		10/01/16		1,018,450
						1,531,175
Washington — 0.7%
Washington State Health Care Facilities Authority Revenue Bonds (Overlake Hospital Medical Center) (A/A2)
750,000		5.250		07/01/25		866,895
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $115,542,552)					$	122,166,021
Shares	Description				Value
Investment Company – 2.1%
T. Rowe Price Tax-Free High Yield Fund
233,184						2,835,516
(Cost $2,600,000)
Principal Amount	Interest Rate			Maturity Date	Value
Short-term Investment(d) – 6.2%
Repurchase Agreement – 6.2%
State Street Bank & Trust Co.
$8,229,000		0.010	%	05/02/16		8,229,000
Maturity Value: $8,229,000
(Cost $8,229,000)
TOTAL INVESTMENTS – 100.7%
(Cost $126,371,552)					$	133,230,537
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)%						(951,952)
NET ASSETS – 100.0%					$	132,278,585

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(b)	Prerefunded security. Maturity date disclosed is prerefunding date.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at April 30, 2016.
(d)	Repurchase agreement was entered into on April 29, 2016. This agreement was fully collateralized by $8,050,000 U.S. Treasury Note, 2.125%, due 01/31/21 with a market value of $8,398,734.

Security ratings disclosed, if any, are issued by Standard & Poor’s Ratings Services/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
AGC	—Insured by Assured Guaranty Corp.
AGM	—Insured by Assured Guaranty Municipal Corp.
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
BHAC	—Berkshire Hathaway Assurance Corp.
FGIC	—Insured by Financial Guaranty Insurance Co.
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
NPFG	—National Public Finance Guarantee
NR	—Not Rated
WR	—Withdrawn Rating
XLCA	—Insured by XL Capital Assurance, Inc.

PORTFOLIO COMPOSITION

	AS OF 04/30/2016			AS OF 10/31/15
General Obligation		35.7	%		31.2	%
Hospital		16.5			18.5
Lease		15.4			12.2
Prerefunded/Escrow to Maturity		6.8			7.2
Education		6.7			4.9
Water/Sewer		2.6			2.9
Transportation		2.3			3.3
Limited Tax		2.3			8.1
Investment Company		2.1			2.4
Power		1.7			5.4
Multi Family Housing		1.0			—
Crossover		0.9			1.1
Single Family Housing		0.3			0.3
Student		0.2			0.2
Short-term Investment		6.2			1.4
TOTAL INVESTMENTS		100.7	%		99.1	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of investment companies held by the Fund are not reflected in the table above. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such, its composition may differ over time.

The accompanying notes are an integral part of these financial statements. 45

COMMERCE FUNDS

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)

	Growth Fund		Value Fund		MidCap Growth Fund
Assets:
Investments at value (identified cost $58,299,240, $185,426,771, $71,594,038, $1,026,195,393, $97,048,998, $314,668,935, $328,379,798 and $126,371,552, respectively)	$	72,718,616	$	209,077,497	$	83,940,650
Cash		710		455		409
Receivables:
Interest and dividends		39,865		323,028		11,367
Fund shares sold		48,355		623,478		131,005
Investments sold		—		—		1,347,616
Reimbursement from adviser		—		6,098		—
Other		824		11,611		3,240
Total Assets		72,808,370		210,042,167		85,434,287
Liabilities:
Payables:
Investments purchased		—		—		—
Dividends		—		—		—
Fund shares redeemed		18,520		214,954		20,185
Advisory fees		23,941		50,684		34,156
Deferred trustee fees		37,588		36,243		19,773
Administrative fees		8,679		24,497		9,905
Accrued expenses		49,687		69,614		39,409
Total Liabilities		138,415		395,992		123,428
Net Assets:
Paid-in capital		55,207,783		185,061,325		70,108,170
Undistributed (distributions in excess of) net investment income		308,224		306,249		160,502
Accumulated net realized gain (loss)		2,734,572		627,875		2,695,575
Net unrealized gain on investments		14,419,376		23,650,726		12,346,612
Net Assets	$	72,669,955	$	209,646,175	$	85,310,859
Shares Outstanding/Net Asset Value
Total shares outstanding, no par value (unlimited number of shares authorized):		2,690,573		7,160,922		2,508,946
Net asset value (net assets/shares outstanding)	$	27.01	$	29.28	$	34.00

46 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

Bond Fund			Short-Term Government Fund			National Tax-Free Intermediate Bond Fund		Missouri Tax-Free Intermediate Bond Fund			Kansas Tax-Free Intermediate Bond Fund
$	1,062,852,209		$	99,152,423		$	327,522,689	$	345,493,001		$	133,230,537
	3,027,136			725			31		816			323
	7,590,743			352,888			3,662,110		3,033,631			1,202,557
	2,662,914			21,260			544,735		288,508			536,306
	—			—			—		—			—
	—			15,438			—		—			10,234
	54,378			5,935			14,878		14,482			5,751
	1,076,187,380			99,548,669			331,744,443		348,830,438			134,985,708
	981,218			—			8,774,590		8,190,335			2,329,370
	2,046,484			78,345			536,182		563,860			208,181
	539,541			7,016			34,828		47,572			31,559
	324,879			40,702			94,327		97,910			50,094
	204,431			39,334			60,867		72,711			26,362
	126,626			11,814			38,070		40,149			15,660
	160,213			49,693			60,056		66,636			45,897
	4,383,392			226,904			9,598,920		9,079,173			2,707,123
	1,040,390,187			102,466,454			307,868,114		328,373,387			126,246,122
	(8,311,294	)		(729,328	)		364,939		95,504			30,562
	3,068,279			(4,518,786	)		1,058,716		(5,830,829	)		(857,084	)
	36,656,816			2,103,425			12,853,754		17,113,203			6,858,985
$	1,071,803,988		$	99,321,765		$	322,145,523	$	339,751,265		$	132,278,585
	53,355,804			5,705,966			16,158,779		17,142,373			6,707,551
$	20.09		$	17.41		$	19.94	$	19.82		$	19.72

The accompanying notes are an integral part of these financial statements. 47

COMMERCE FUNDS

Statements of Operations

For the Six Months Ended April 30, 2016 (Unaudited)

	Growth Fund			Value Fund			MidCap Growth Fund
Investment Income:
Interest	$	47		$	155		$	118
Dividends		610,279			3,339,248			463,763
Total Investment Income		610,326			3,339,403			463,881
Expenses:
Advisory fees		139,298			284,202			175,319
Administration fees		50,496			137,364			50,843
Custody and accounting fees		23,530			25,007			24,255
Transfer Agent fees		21,464			90,630			17,016
Professional fees		14,578			21,222			13,543
Registration fees		12,815			15,423			12,629
Shareowner servicing fees		7,313			101,365			701
Trustee fees		2,595			7,085			2,454
Printing and mailing fees		2,369			7,819			1,856
Other		10,304			15,479			9,025
Total Expenses		284,762			705,596			307,641
Less — expense reductions		—			(42,458	)		—
Net Expenses		284,762			663,138			307,641
Net Investment Income		325,564			2,676,265			156,240
Realized and unrealized gain (loss)
Net realized gain (loss)		2,822,624			1,132,478			2,736,491
Net change in unrealized gain (loss)		(1,371,612	)		5,187,951			(553,779	)
Net realized and unrealized gain		1,451,012			6,320,429			2,182,712
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,776,576		$	8,996,694		$	2,338,952

48 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

Bond Fund		Short-Term Government Fund			National Tax-Free Intermediate Bond Fund		Missouri Tax-Free Intermediate Bond Fund		Kansas Tax-Free Intermediate Bond Fund
$	18,577,471	$	826,719		$	4,167,401	$	4,848,520	$	1,734,398
	115,113		—			118,502		150,821		56,020
	18,692,584		826,719			4,285,903		4,999,341		1,790,418
	1,905,728		240,542			551,604		577,110		291,446
	730,383		69,833			218,985		233,779		89,840
	97,200		33,521			49,749		51,076		31,244
	66,394		14,601			17,075		22,254		14,314
	73,370		16,415			29,220		30,402		17,968
	25,602		13,032			12,614		14,409		13,140
	357,636		12,522			19,633		59,654		19,207
	33,826		3,709			10,155		10,970		4,164
	26,343		3,412			7,660		8,635		3,151
	41,778		10,752			16,943		18,892		10,758
	3,358,260		418,339			933,638		1,027,181		495,232
	—		(90,845	)		—		—		(61,520	)
	3,358,260		327,494			933,638		1,027,181		433,712
	15,334,324		499,225			3,352,265		3,972,160		1,356,706
	3,069,968		(55,830	)		1,514,760		165,670		118,768
	6,529,829		129,735			4,575,957		4,519,634		1,528,760
	9,599,797		73,905			6,090,717		4,685,304		1,647,528
$	24,934,121	$	573,130		$	9,442,982	$	8,657,464	$	3,004,234

The accompanying notes are an integral part of these financial statements. 49

COMMERCE FUNDS

Statements of Changes in Net Assets

	Growth Fund						Value Fund
	For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015			For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015
From Operations:
Net investment income	$	325,564		$	578,236		$	2,676,265		$	5,969,486
Net realized gain		2,822,624			7,410,719			1,132,478			20,591,339
Net change in unrealized gain		(1,371,612	)		(1,847,554	)		5,187,951			(20,330,434	)
Net increase in net assets resulting from operations		1,776,576			6,141,401			8,996,694			6,230,391
Distributions to Shareholders:
From net investment income		(549,518	)		(635,572	)		(2,759,661	)		(5,873,184	)
From net realized gains		(7,404,370	)		(16,926,544	)		(20,357,319	)		(6,705,421	)
Total distributions to shareholders		(7,953,888	)		(17,562,116	)		(23,116,980	)		(12,578,605	)
From Share Transactions:
Proceeds from sales of shares		8,533,543			16,955,282			37,138,514			37,673,012
Reinvestment of distributions		2,666,416			6,345,334			12,594,436			6,917,756
Cost of shares redeemed		(7,799,258	)		(11,930,692	)		(25,762,353	)		(75,771,897	)
Net increase (decrease) in net assets resulting from share transactions		3,400,701			11,369,924			23,970,597			(31,181,129	)
TOTAL INCREASE (DECREASE)		(2,776,611	)		(50,791	)		9,850,311			(37,529,343	)
Net Assets:
Beginning of period		75,446,566			75,497,357			199,795,864			237,325,207
End of period	$	72,669,955		$	75,446,566		$	209,646,175		$	199,795,864
Undistributed (distributions in excess of) net investment income	$	308,224		$	532,178		$	306,249		$	389,645

50 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

MidCap Growth Fund						Bond Fund
For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015			For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015
$	156,240		$	292,829		$	15,334,324		$	30,341,032
	2,736,491			5,079,599			3,069,968			2,049,809
	(553,779	)		(888,600	)		6,529,829			(19,134,239	)
	2,338,952			4,483,828			24,934,121			13,256,602
	(243,606	)		(97,698	)		(16,625,255	)		(33,006,054	)
	(5,127,676	)		(8,677,440	)		(856,615	)		(3,108,789	)
	(5,371,282	)		(8,775,138	)		(17,481,870	)		(36,114,843	)
	25,181,786			12,454,249			154,410,030			254,047,057
	1,230,493			2,222,919			5,155,441			10,946,978
	(5,519,985	)		(7,770,044	)		(76,660,719	)		(128,322,824	)
	20,892,294			6,907,124			82,904,752			136,671,211
	17,859,964			2,615,814			90,357,003			113,812,970
	67,450,895			64,835,081			981,446,985			867,634,015
$	85,310,859		$	67,450,895		$	1,071,803,988		$	981,446,985
$	160,502		$	247,868		$	(8,311,294	)	$	(7,020,363	)

The accompanying notes are an integral part of these financial statements. 51

COMMERCE FUNDS

Statements of Changes in Net Assets (continued)

	Short-Term Government Fund						National Tax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015			For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015
From Operations:
Net investment income	$	499,225		$	1,274,617		$	3,352,265		$	5,952,494
Net realized gain (loss)		(55,830	)		323,723			1,514,760			1,745,293
Net change in unrealized gain		129,735			(608,176	)		4,575,957			(473,529	)
Net increase in net assets resulting from operations		573,130			990,164			9,442,982			7,224,258
Distributions to Shareholders:
From net investment income		(712,967	)		(1,855,433	)		(3,351,462	)		(5,898,247	)
Total distributions to shareholders		(712,967	)		(1,855,433	)		(3,351,462	)		(5,898,247	)
From Share Transactions:
Proceeds from sales of shares		13,343,353			112,662,941			43,353,983			50,752,152
Reinvestment of distributions		287,632			974,457			178,524			342,492
Cost of shares redeemed		(18,166,534	)		(106,718,939	)		(13,884,065	)		(32,015,601	)
Net increase (decrease) in net assets resulting from share transactions		(4,535,549	)		6,918,459			29,648,442			19,079,043
TOTAL INCREASE (DECREASE)		(4,675,386	)		6,053,190			35,739,962			20,405,054
Net Assets:
Beginning of period		103,997,151			97,943,961			286,405,561			266,000,507
End of period	$	99,321,765		$	103,997,151		$	322,145,523		$	286,405,561
Undistributed (distributions in excess of) net investment income	$	(729,328	)	$	(515,586	)	$	364,939		$	364,136

52 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

Missouri Tax-Free Intermediate Bond Fund						Kansas Tax-Free Intermediate Bond Fund
For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015			For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015
$	3,972,160		$	7,473,421		$	1,356,706		$	2,449,837
	165,670			432,873			118,768			77,899
	4,519,634			(374,408	)		1,528,760			355,292
	8,657,464			7,531,886			3,004,234			2,883,028
	(3,969,620	)		(7,380,237	)		(1,354,157	)		(2,425,886	)
	(3,969,620	)		(7,380,237	)		(1,354,157	)		(2,425,886	)
	39,786,588			47,128,026			20,414,115			24,795,514
	574,240			1,108,467			159,211			330,644
	(15,446,287	)		(44,913,473	)		(7,482,030	)		(13,440,785	)
	24,914,541			3,323,020			13,091,296			11,685,373
	29,602,385			3,474,669			14,741,373			12,142,515
	310,148,880			306,674,211			117,537,212			105,394,697
$	339,751,265		$	310,148,880		$	132,278,585		$	117,537,212
$	95,504		$	92,964		$	30,562		$	28,013

The accompanying notes are an integral part of these financial statements. 53

COMMERCE FUNDS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations							Distributions to shareholders
Year	Net asset value, beginning of period		Net investment income(a)			Net realized and unrealized gain		Total from investment operations		From net investment income			From net realized gains			Total distributions
GROWTH FUND
For the Six Months Ended April 30, (Unaudited)
2016	$	29.44	$	0.12		$	0.60	$	0.72	$	(0.21	)	$	(2.94	)	$	(3.15	)
For the Fiscal Years Ended October 31,
2015		34.95		0.23			2.37		2.60		(0.25	)		(7.86	)		(8.11	)
2014		34.32		0.22			5.09		5.31		(0.19	)		(4.49	)		(4.68	)
2013		28.81		0.25			6.49		6.74		(0.19	)		(1.04	)		(1.23	)
2012		25.56		0.16			3.20		3.36		(0.11	)		—			(0.11	)
2011		24.73		0.13	(d)		0.82		0.95		(0.12	)		—			(0.12	)
VALUE FUND
For the Six Months Ended April 30, (Unaudited)
2016	$	31.65	$	0.40		$	0.90	$	1.30	$	(0.41	)	$	(3.26	)	$	(3.67	)
For the Fiscal Years Ended October 31,
2015		32.50		0.86			0.06		0.92		(0.85	)		(0.92	)		(1.77	)
2014		29.83		0.78			2.69		3.47		(0.78	)		(0.02	)		(0.80	)
2013		24.10		0.77			5.70		6.47		(0.74	)		—			(0.74	)
2012		21.18		0.67			2.90		3.57		(0.65	)		—			(0.65	)
2011		18.91		0.48			2.24		2.72		(0.45	)		—			(0.45	)

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) Reflects income recognized from non-recurring special dividends which amounted to $0.02 per share and 0.09% of average net assets.

54 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

Net asset value, end of period		Total return(b)			Net assets at end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate
$	27.01		2.53	%	$	72,670		0.82	%(c)		0.82	%(c)		0.94	(c)		11	%
	29.44		8.51			75,447		1.04			1.04			0.79			40
	34.95		17.42			75,497		1.08			1.08			0.68			40
	34.32		24.39			103,436		1.07			1.07			0.80			78
	28.81		13.18			90,413		1.13			1.15			0.57			52
	25.56		3.84			96,856		1.13			1.19			0.50	(d)		43
$	29.28		4.71	%	$	209,646		0.70	%(c)		0.75	%(c)		2.83	(c)		28	%
	31.65		2.88			199,796		0.70			0.73			2.70			33
	32.50		11.76			237,325		0.70			0.71			2.50			18
	29.83		27.27			158,742		0.66			0.66			2.84			34
	24.10		16.99			97,737		0.70			0.70			2.94			46
	21.18		14.51			71,025		0.86			0.90			2.32			116

The accompanying notes are an integral part of these financial statements. 55

COMMERCE FUNDS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations								Distributions to shareholders
Year	Net asset value, beginning of period		Net investment income (loss)(a)			Net realized and unrealized gain			Total from investment operations		From net investment income			From net realized gains			Total distributions
MIDCAP GROWTH FUND
For the Six Months Ended April 30, (Unaudited)
2016	$	36.10	$	0.07		$	0.71		$	0.78	$	(0.12	)	$	(2.76	)	$	(2.88	)
For the Fiscal Years Ended October 31,
2015		38.82		0.16			2.39			2.55		(0.05	)		(5.22	)		(5.27	)
2014		38.64		0.06			4.36			4.42		(0.11	)		(4.13	)		(4.24	)
2013		33.38		0.16			8.32			8.48		(0.10	)		(3.12	)		(3.22	)
2012		32.78		0.06	(d)		2.43			2.49		—			(1.89	)		(1.89	)
2011		31.24		(0.06	)(e)		1.60			1.54		—			—			—
BOND FUND
For the Six Months Ended April 30, (Unaudited)
2016	$	19.96	$	0.30		$	0.18		$	0.48	$	(0.33	)	$	(0.02	)	$	(0.35	)
For the Fiscal Years Ended October 31,
2015		20.43		0.64			(0.34	)		0.30		(0.70	)		(0.07	)		(0.77	)
2014		20.24		0.70			0.27			0.97		(0.78	)		—			(0.78	)
2013		20.99		0.77			(0.70	)		0.07		(0.82	)		—			(0.82	)
2012		20.39		0.82			0.64			1.46		(0.86	)		—			(0.86	)
2011		20.35		0.89			0.06			0.95		(0.91	)		—			(0.91	)

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) Reflects income recognized from non-recurring special dividends which amounted to $0.09 per share and 0.20% of average net assets.

(e) Reflects income recognized from non-recurring special dividends which amounted to $0.07 per share and 0.19% of average net assets.

56 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

Net asset value, end of period		Total return(b)			Net assets at end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate
$	34.00		2.32	%	$	85,311		0.88	%(c)		0.88	%(c)		0.45	(c)		16	%
	36.10		7.02			67,451		1.03			1.03			0.44			50
	38.82		12.58			64,835		1.05			1.05			0.15			43
	38.64		27.92			65,621		1.09			1.09			0.45			75
	33.38		8.12			56,936		1.18			1.18			0.20	(d)		64
	32.78		4.93			56,264		1.24			1.24			(0.18	)(e)		46
$	20.09		2.40	%	$	1,071,804		0.67	%(c)		0.67	%(c)		3.04	%(c)		8	%
	19.96		1.49			981,447		0.68			0.68			3.18			21
	20.43		4.86			867,634		0.70			0.70			3.44			22
	20.24		0.31			779,704		0.72			0.72			3.71			23
	20.99		7.30			785,627		0.77			0.77			3.96			18
	20.39		4.80			725,261		0.81			0.81			4.39			26

The accompanying notes are an integral part of these financial statements. 57

COMMERCE FUNDS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations								Distributions to shareholders
Year	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
SHORT TERM GOVERNMENT FUND
For the Six Months Ended April 30, (Unaudited)
2016	$	17.43	$	0.09	$	0.02		$	0.11		$	(0.13	)	$	—		$	(0.13	)
For the Fiscal Years Ended October 31,
2015		17.54		0.17		(0.04	)		0.13			(0.24	)		—			(0.24	)
2014		17.78		0.24		(0.12	)		0.12			(0.36	)		—			(0.36	)
2013		18.14		0.27		(0.23	)		0.04			(0.40	)		—			(0.40	)
2012		18.15		0.30		0.14			0.44			(0.45	)		—			(0.45	)
2011		18.48		0.38		(0.19	)		0.19			(0.52	)		—			(0.52	)
NATIONAL TAX-FREE INTERMEDIATE BOND FUND
For the Six Months Ended April 30, (Unaudited)
2016	$	19.54	$	0.22	$	0.40		$	0.62		$	(0.22	)	$	—		$	(0.22	)
For the Fiscal Years Ended October 31,
2015		19.45		0.42		0.09			0.51			(0.42	)		—			(0.42	)
2014		19.27		0.54		0.32			0.86			(0.54	)		(0.14	)		(0.68	)
2013		20.59		0.63		(1.07	)		(0.44	)		(0.63	)		(0.25	)		(0.88	)
2012		19.42		0.64		1.27			1.91			(0.64	)		(0.10	)		(0.74	)
2011		19.50		0.71		0.16			0.87			(0.71	)		(0.24	)		(0.95	)

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

58 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

Net asset value, end of period		Total return(b)			Net assets at end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate
$	17.41		0.62	%	$	99,322		0.68	%(c)		0.87	%(c)		1.04	%(c)		16	%
	17.43		0.81			103,997		0.68			0.83			0.97			68
	17.54		0.70			97,944		0.68			0.88			1.35			27
	17.78		0.24			103,244		0.68			0.83			1.48			25
	18.14		2.46			122,957		0.68			0.83			1.66			26
	18.15		1.07			129,510		0.68			0.88			2.09			27
$	19.94		3.18	%	$	322,146		0.62	%(c)		0.62	%(c)		2.22	%(c)		14	%
	19.54		2.63			286,406		0.64			0.64			2.16			36
	19.45		4.59			266,001		0.67			0.67			2.81			74
	19.27		(2.23	)		247,975		0.66			0.66			3.18			37
	20.59		9.95			250,220		0.70			0.74			3.16			17
	19.42		4.73			194,878		0.70			0.84			3.76			44

The accompanying notes are an integral part of these financial statements. 59

COMMERCE FUNDS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations								Distributions to shareholders
Year	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
MISSOURI TAX-FREE INTERMEDIATE BOND FUND
For the Six Months Ended April 30, (Unaudited)
2016	$	19.53	$	0.24	$	0.29		$	0.53		$	(0.24	)	$	—		$	(0.24	)
For the Fiscal Years Ended October 31,
2015		19.52		0.47		0.01			0.48			(0.47	)		—			(0.47	)
2014		19.25		0.56		0.37			0.93			(0.56	)		(0.10	)		(0.66	)
2013		20.39		0.61		(1.06	)		(0.45	)		(0.61	)		(0.08	)		(0.69	)
2012		19.69		0.64		0.79			1.43			(0.65	)		(0.08	)		(0.73	)
2011		19.70		0.69		0.03			0.72			(0.69	)		(0.04	)		(0.73	)
KANSAS TAX-FREE INTERMEDIATE BOND FUND
For the Six Months Ended April 30, (Unaudited)
2016	$	19.46	$	0.21	$	0.26		$	0.47		$	(0.21	)	$	—		$	(0.21	)
For the Fiscal Years Ended October 31,
2015		19.39		0.43		0.06			0.49			(0.42	)		—			(0.42	)
2014		18.90		0.50		0.53			1.03			(0.50	)		(0.04	)		(0.54	)
2013		20.01		0.57		(0.98	)		(0.41	)		(0.56	)		(0.14	)		(0.70	)
2012		19.27		0.62		0.77			1.39			(0.61	)		(0.04	)		(0.65	)
2011		19.32		0.66		0.10			0.76			(0.66	)		(0.15	)		(0.81	)

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

60 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

Net asset value, end of period	Total return(b)			Net assets at end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate
$19.82		2.73	%	$	339,751		0.64	%(c)		0.64	%(c)		2.46	%(c)		7	%
19.53		2.48			310,149		0.65			0.65			2.43			17
19.52		4.92			306,674		0.67			0.67			2.90			29
19.25		(2.29	)		307,996		0.64			0.64			3.07			23
20.39		7.33			319,687		0.70			0.74			3.20			14
19.69		3.77			266,668		0.70			0.84			3.57			15
$19.72		2.44	%	$	132,279		0.70	%(c)		0.80	%(c)		2.19	%(c)		4	%
19.46		2.57			117,537		0.70			0.83			2.21			13
19.39		5.51			105,395		0.70			0.87			2.63			26
18.90		(2.09	)		103,733		0.70			0.83			2.91			22
20.01		7.32			114,837		0.70			0.85			3.11			24
19.27		4.09			98,340		0.70			0.90			3.50			14

The accompanying notes are an integral part of these financial statements. 61

COMMERCE FUNDS

Notes to Financial Statements

April 30, 2016 (Unaudited)

1.   ORGANIZATION

The Commerce Funds (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end, management investment company. The Trust consists of eight portfolios (individually, a “Fund” and collectively, the “Funds”): Growth Fund, Value Fund, MidCap Growth Fund, Bond Fund, Short-Term Government Fund, National Tax-Free Intermediate Bond Fund, Missouri Tax-Free Intermediate Bond Fund and Kansas Tax-Free Intermediate Bond Fund. Each of the Funds offers one class of shares (the “Shares”). Each Fund is registered as a diversified open-end management investment company, except the Missouri Tax-Free Intermediate Bond Fund and the Kansas Tax-Free Intermediate Bond Fund, which are registered as non-diversified under the Act.

The Funds have entered into an Advisory Agreement with Commerce Investment Advisors, Inc. (the “Adviser” or “Commerce”), a subsidiary of Commerce Bank.

2.   SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income is comprised of interest income and dividend income. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date. Investment transactions are reflected on trade date with realized gains and losses on sales calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Distributions received from the Funds’ investments in United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities and excess or shortfall amounts are recorded as gains or losses.

C.  Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds based on each Fund’s average net assets and are accrued daily.

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to

62

COMMERCE FUNDS

2.   SIGNIFICANT ACCOUNTING POLICIES (continued)

shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

	Income Distribution		Capital Gains Distribution
Fund	Declared	Paid	Declared	Paid
Value	Quarterly	Quarterly	Annually	Annually
Growth and MidCap Growth	Annually	Annually	Annually	Annually
Bond, Short-Term Government, National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond	Daily	Monthly	Annually	Annually

Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long term capital losses rather than being considered all short-term as under previous law.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as from net investment income, net realized gain or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risk), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including the Adviser’s assumptions in determining fair value measurement).

63

COMMERCE FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

The Trust’s Board of Trustees has adopted valuation procedures (“Valuation Procedures”) that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Board of Trustees has delegated to Commerce day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, Commerce regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities and investment companies traded on a U.S. securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or it is believed by the Adviser to not represent fair value, equity securities and exchange traded investment companies are valued at the last bid price. Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. Investments applying these valuation adjustments are classified as Level 2 of the fair value hierarchy.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in characteristics such as rating, interest rate and maturity date, to determine current value. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates fair value. With the exception of treasury securities, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

64

COMMERCE FUNDS

3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Collateralized mortgage-backed securities (“CMOs”) may exhibit even more price volatility and interest rate risk than other mortgage-backed securities. They may lose liquidity as CMO market makers may choose not to repurchase, or may offer prices, based on current market conditions, that are unacceptable to a Fund based on the Adviser’s analysis of the market value of the security.

Short Term Investments — Short-term investments having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair market value. With the exception of treasury securities, which are generally classified as Level 1, these investments are classified as Level 2 of the fair value hierarchy.

Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation, income payments, and events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

B.  Level 3 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 3 are as follows:

To the extent that the aforementioned significant inputs are unobservable, or if quotations are not readily available, or if Commerce believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under valuation procedures approved by the Trust’s Board of Trustees. Commerce, consistent with the Funds’ procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events that could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

65

COMMERCE FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2016:

GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	67,910,276	$	—	$	—
Exchange Traded Fund		2,807,340		—		—
Repurchase Agreement		—		2,001,000		—
Total	$	70,717,616	$	2,001,000	$	—
VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	198,639,747	$	—	$	—
Exchange Traded Fund		7,566,750		—		—
Repurchase Agreement		—		2,871,000		—
Total	$	206,206,497	$	2,871,000	$	—
MIDCAP GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	76,415,554	$	—	$	—
Exchange Traded Fund		2,982,096		—		—
Repurchase Agreement		—		4,543,000		—
Total	$	79,397,650	$	4,543,000	$	—
BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Asset-Backed Securities	$	—	$	142,198,430	$	—
Municipal Bond Obligations		—		83,595,295		—
Mortgage-Backed Obligations		—		230,148,559		—
Corporate Obligations		—		486,755,459		—
Foreign Debt Obligations		246,074		—		—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		47,002,454		36,193,814		—
Investment Company		5,364,124		—		—
Repurchase Agreement		__		31,348,000		—
Total	$	52,612,652	$	1,010,239,557	$	—

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3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT-TERM GOVERNMENT
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Asset-Backed Securities	$	—	$	2,776,849	$	—
Mortgage-Backed Obligations		—		24,018,211		—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		22,073,186		45,423,177		—
Repurchase Agreement		—		4,861,000		—
Total	$	22,073,186	$	77,079,237	$	—
NATIONAL TAX-FREE INTERMEDIATE BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	306,750,483	$	—
Investment Company		5,998,206		—		—
Repurchase Agreement		—		14,774,000		—
Total	$	5,998,206	$	321,524,483	$	—
MISSOURI TAX-FREE INTERMEDIATE BOND FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	330,781,920	$	—
Investment Company		7,634,081		—		—
Repurchase Agreement		—		7,077,000		—
Total	$	7,634,081	$	337,858,920	$	—
KANSAS TAX-FREE INTERMEDIATE BOND FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	122,166,021	$	—
Investment Company		2,835,516		—		—
Repurchase Agreement		—		8,229,000		—
Total	$	2,835,516	$	130,395,021	$	—

For further information regarding security characteristics, see the Schedules of Investments.

4.   AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Advisory Agreement — Pursuant to the terms of the Advisory Agreement, the Adviser is responsible for managing the investments and making investment decisions for each of the Funds. For these services and for assuming related expenses, the Adviser is entitled to a fee, accrued daily and payable monthly, at the contractual annual rate of the corresponding Fund’s

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Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

4.   AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

average daily net assets. The contractual advisory fees for the Short-Term Government, National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond, Kansas Tax-Free Intermediate Bond, Bond and MidCap Growth Funds are as follows:

	Contractual Advisory Fees
Fund	First $100 million	Next $100 million	Over $200 million
Short-Term Government, National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond	0.50%	0.35%	0.25%
	First $400 million	Next $300 million	Over $700 million
Bond	0.50%	0.35%	0.25%
	First $200 million		Over $200 million
MidCap Growth Fund	0.50%		0.40%

The contractual advisory fees for the Growth and Value Funds are 0.40% and 0.30% of the Funds’ average daily net assets, respectively.

For the six-month period ended April 30, 2016, the effective advisory fees were 0.40%, 0.30%, 0.50%, 0.38%, 0.50%, 0.37%, 0.36% and 0.47%, and for the Growth, Value, MidCap Growth, Bond, Short-Term Government, National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds, respectively.

B.  Administration Agreements — Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co., and Commerce, serve as Co-Administrators of the Trust pursuant to a Co-Administration Agreement. Under the Co-Administration Agreement, GSAM and Commerce administer the Trust’s business affairs. As compensation for the services rendered under the Co-Administration Agreement, GSAM and Commerce are entitled to a fee, accrued daily and payable monthly, at the contractual annual rate of the corresponding Fund’s average daily net assets. Pursuant to the Co-Administration Agreement, effective November 1, 2015 the Funds will pay an aggregate administrative fee at the annual rate of 0.145%, allocated as follows: (1) for each Fund, Commerce is entitled to receive 0.12% of each Fund’s average daily net assets; and (2) for each Fund, GSAM is entitled to receive 0.025% of each Fund’s average daily net assets. Prior to November 1, 2015 the Funds paid an aggregate administrative fee at the annual rate of 0.15%, allocated as follows: (1) for each Fund, Commerce was entitled to receive 0.12% of each Fund’s average daily net assets; and (2) for each Fund, GSAM was entitled to receive 0.03% of each Fund’s average daily net assets. State Street Bank and Trust Company (“State Street”) also provides certain enhanced accounting and administrative services to the Funds. Pursuant to an Amended and Restated Enhanced Accounting and Administrative Services Agreement effective November 1, 2015, these services include, among other things, certain financial reporting, daily compliance and treasury services.

C.  Distribution Agreement—The Commerce Funds’ shares are offered on a continuous basis through Goldman Sachs & Co.( “Goldman”), which acts as Distributor under the Distribution Agreement with The Commerce Funds. Goldman does not receive compensation from the Funds for these services.

D.  Other Agreements — The Adviser has contractually agreed to waive fees and/or reimburse expenses (excluding interest, taxes, acquired fund fees and expenses, and extraordinary expenses) for all Funds (except the MidCap Growth Fund) to the extent that such expenses exceeded, on an annualized basis, 1.00%, 0.70%, 0.80%, 0.68%, 0.70%, 0.70% and 0.70% of the average net assets of the Growth, Value, Bond, Short-Term Government, National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds, respectively. This agreement will remain in place

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4.   AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

through March 1, 2017. After this date, the Adviser or a Fund may terminate the contractual arrangement. In addition, the Funds are not obligated to reimburse the Adviser for prior fiscal year expense reimbursements, if any. Expense reimbursements, if any, are accrued daily and paid monthly and are disclosed in the Statements of Operations for the six-month period ended April 30, 2016.

Pursuant to a Shareholder Administrative Services Plan adopted by the Trust’s Board of Trustees, the Funds may enter into agreements with service organizations, such as banks and financial institutions, which may include affiliates of the Adviser (“Service Organizations”), under which they will render shareholder administration, support services. Effective December 1, 2015, any new servicing agreements entered into by the Funds will provide that the Service Organizations will render shareholder administrative support services to their customers who are the beneficial owners of shares of the Funds in consideration for a Fund’s payment of up to 0.15% (on an annualized basis) of the average daily net asset value of the shares of the Fund beneficially owned by such customers and held by the Service Organizations. Prior to December 1, 2015, the cap was 0.25% (on an annualized basis) of the average daily net asset value of shares of the Fund beneficially owned by such customer and held by the Service Organization. For the six-month period ended April 30, 2016, Commerce Bank, an affiliate of the Adviser, received $196,509 in shareowner servicing fees.

E.  Deferred Compensation Plan — Certain Trustees participate in a Deferred Compensation Plan, as amended and restated (the “Plan”), which allows eligible non-affiliated Trustees as described in the Plan to defer the receipt of all or a portion of the Trustees’ fees payable. Under the Plan, such Trustees have deferred fees treated as if they had been invested by The Commerce Funds in the shares of one or more Funds of the Trust. All amounts payable to the Trustees under the Plan are determined based on the performance of such Funds and are accrued monthly.

5.   PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six-month period ended April 30, 2016, were as follows:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Growth	$	—	$	7,461,565	$	—	$	11,648,925
Value		—		55,293,166		—		54,175,030
MidCap Growth		—		23,089,028		—		10,842,902
Bond		14,553,837		123,227,476		1,014,631		79,483,170
Short-Term Government		15,368,153		—		17,690,834		3,332,442
National Tax-Free Intermediate Bond		—		63,883,331		—		40,454,988
Missouri Tax-Free Intermediate Bond		—		49,228,802		—		21,186,185
Kansas Tax-Free Intermediate Bond		—		13,021,356		—		5,185,154

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Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

6.   TAX INFORMATION

As of the Funds’ most recent fiscal year ended October 31, 2015, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Growth			Value			MidCap Growth			Bond
Timing differences (distributions payable, deferred compensation)	$	(23,658	)	$	(28,141	)	$	(15,968	)	$	(2,110,556	)

	Short-Term Government			National Tax-Free Intermediate Bond			Missouri Tax-Free Intermediate Bond			Kansas Tax-Free Intermediate Bond
Capital loss carryforward	$	(4,462,956	)	$	(456,044	)	$	(5,996,497	)	$	(975,852	)
Timing differences (distributions payable, deferred compensation)	$	(70,639	)	$	(532,135	)	$	(572,224	)	$	(191,664	)
Capital loss carryforwards:(1)
Expiring 2016		(347,228	)		—			—			—
Expiring 2017		(400,692	)		—			—			—
Expiring 2018		(460,436	)		—			—			—
Expiring 2019		(375,119	)		—			—			—
Perpetual Short-term		(208,964	)		—			(386,095	)		(48,110	)
Perpetual Long-term		(2,670,517	)		(456,044	)		(5,610,402	)		(927,742	)
Total capital loss carryforwards:	$	(4,462,956	)	$	(456,044	)	$	(5,996,497	)	$	(975,852	)

(1) Expiration occurs on October 31 of the year indicated.

As of April 30, 2016, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Growth			Value			MidCap Growth			Bond
Tax Cost	$	58,381,697		$	185,841,428		$	71,602,560		$	1,032,732,574
Gross unrealized gain		15,056,358			26,319,922			13,057,732			53,025,328
Gross unrealized loss		(719,439	)		(3,083,853	)		(719,642	)		(22,905,693	)
Net unrealized security gain	$	14,336,919		$	23,236,069		$	12,338,090		$	30,119,635
	Short-Term Government			National Tax-Free Intermediate Bond			Missouri Tax-Free Intermediate Bond			Kansas Tax-Free Intermediate Bond
Tax Cost	$	97,470,674		$	314,647,097		$	328,311,653		$	126,355,865
Gross unrealized gain		3,224,482			13,096,925			17,297,205			6,896,338
Gross unrealized loss		(1,542,733	)		(221,333	)		(115,857	)		(21,666	)
Net unrealized security gain	$	1,681,749		$	12,875,592		$	17,181,348		$	6,874,672

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of market discount accretion, premium amortization and underlying investments.

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6.   TAX INFORMATION (continued)

Commerce and GSAM have reviewed the Funds’ tax positions for all open tax years (the current and prior three fiscal years) and have concluded that no provision for income tax is required in the Funds’ financial statements. These open tax years remain subject to examination and adjustment by tax authorities.

7.   OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Credit Risks — The fixed income funds are subject to credit risks because an issuer or guarantor of a fixed income security may be unable or unwilling to make interest and principal payments when due. A bond’s value could decline because of concerns about an issuer’s willingness to make such payments.

Interest Rate Risks — Interest rate risk is the risk that the value of the Fund’s portfolio will decline because of rising interest rates. The magnitude of this decline will often be greater for longer-term, fixed-income securities than shorter-term securities.

Market Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk).

Portfolio Concentrations — The Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds invest a large percentage of their assets in obligations of issuers within Missouri and Kansas, respectively. Therefore, they are subject to possible concentration risks associated with economic, political or legal developments or industrial or regional matters specifically affecting those states.

Under normal market conditions, the Missouri Tax-Free Intermediate Bond Fund and the Kansas Tax-Free Intermediate Bond Fund invest at least 80% of their assets plus any borrowings for investment purposes (measured at the time of purchase) in Missouri and Kansas municipal securities, respectively, the income from which, in the opinion of bond counsel, is exempt from regular federal income tax, federal alternative minimum taxes and Missouri and Kansas state taxes, respectively. Alternatively, at least 80% of a Fund’s distributed income must be exempt from such taxes. For each of the Missouri and Kansas Tax-Free Funds, the actual payment of principal and interest on Missouri and Kansas municipal securities is dependent on the Missouri General Assembly and the Kansas legislature, respectively, allotting money each fiscal year for these payments.

The investments of the Growth and MidCap Growth Funds may be concentrated in securities of technology companies. At times, securities of technology companies may experience significant price fluctuations. The MidCap Growth Fund concentrates in mid-cap stocks. Investing in mid-sized companies may be riskier than investing in larger, more established companies.

The Bond and Short-Term Government Funds may invest 80% and 100%, respectively, of their total assets in mortgage-related securities and the Bond Fund may invest 80% of its total assets in asset-backed securities. Mortgage-backed securities, especially collateralized mortgage-backed securities, may be subject to risks that include price volatility, liquidity, and enhanced sensitivity to interest rates. As a result, mortgage-backed securities may be more difficult to value and liquidate, if necessary. Mortgage-backed securities are also subject to prepayment risk, which may result in a decreased rate of return and a decline in the value of the securities. Asset-backed securities are dependent upon payment of the underlying consumer loans or receivables by individuals, and the certificate holder frequently has no recourse against the entity that originated the loans or receivables. Asset-backed securities have a greater risk of default during periods of economic downturn than other securities. Also, asset-backed securities may be less liquid than other securities and therefore more difficult to value and liquidate, if necessary.

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Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

8.   INDEMNIFICATIONS

Under the Trust’s organizational documents, its trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, in their experience, Commerce and GSAM believe the risk of loss under these arrangements to be remote.

9.   OTHER MATTERS

Approval of Advisory Agreement — The Trustees oversee the management of the Trust, and review the investment performance and expenses of the Funds at regularly scheduled meetings held during the Funds’ fiscal year. In addition, the Trustees determine annually whether to reapprove and continue the Trust’s Advisory Agreement with the Adviser for the Funds.

The Advisory Agreement was most recently approved by the Trustees, including all of the Trustees who are not parties to the Advisory Agreement or “interested persons” (as such term is defined in the Act) of any party thereto (the “non-interested Trustees”), on November 17, 2015 (the “Annual Contract Meeting”).

Prior to the Annual Contract Meeting, the Board of Trustees received written materials provided by the Adviser relating to the Trustees’ consideration of the Advisory Agreement. At the Annual Contract Meeting, the Trustees also received and considered the Adviser’s oral presentations and discussed the information that had been provided. In connection with their deliberations, the disinterested Trustees were advised by their independent legal counsel regarding their responsibilities under applicable law and met separately in executive session with independent counsel without members of management present.

In evaluating the Advisory Agreement, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Adviser and its services and personnel. Both in meetings specifically dedicated to the review of the Advisory Agreement and meetings held during the year, the Trustees reviewed materials relating to the Adviser’s investment management services. Specifically, the Trustees reviewed, among other things, information relating to: (i) the terms of the Advisory Agreement; (ii) the Funds’ investment performance over different time periods in comparison to the investment performance of mutual fund peer categories selected by Lipper Inc. (“Lipper”), a third-party provider of mutual fund data; (iii) the contractual investment advisory fees, the actual investment advisory fees (after expense reimbursements) and the total expenses borne by the Funds in comparison to those borne by mutual fund peer groups selected by Lipper; (iv) the Adviser’s staffing for the Funds and the experience of the portfolio managers and other investment personnel; (v) the fees paid by the Funds to the Adviser and its affiliates for services, and the expenses incurred by them in connection with the provision of those services, the profitability of the Advisory Agreement to the Adviser, and a comparison of the Adviser’s profitability with publicly reported profitability information of other advisers; (vi) information about fees charged to institutional accounts for which an affiliate of the Adviser, Commerce Trust Company (“CTC”), was performing services similar to those performed for the Funds; and (vii) potential economies of scale.

In connection with their approval of the Advisory Agreement for each of the Funds, the Trustees gave weight to various factors, but did not identify any single factor as controlling their decision. As part of their review, the Trustees considered the following factors:

Nature, Quality and Extent of Services – The Trustees reviewed the nature, quality and extent of the services provided by the Adviser to the Funds, bearing in mind each Fund’s investment objectives and strategies and the information received from

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9.   OTHER MATTERS (continued)

management throughout the year. The Trustees considered the resources available to the Adviser and its key investment personnel, including members of the staff who operated the quantitative model, and their experience and length of service to the Funds. The Trustees also discussed the Adviser’s reports to the Board, compliance record, risk management program and effectiveness of oversight over the Funds’ other service providers, communications to and support services for shareholders, services provided to the Funds as their co-administrator, adherence to investment policies, execution of portfolio transactions, cybersecurity program, selection of broker dealers and other similar factors.

The Trustees determined that the Adviser had invested significant resources in the Funds and provided a seasoned and experienced portfolio management and compliance staff. Moreover, they considered that the Adviser had a highly disciplined money management and credit research and analytic process and was able to attract and retain high quality personnel. The Trustees also considered that the Adviser had provided clear, concise reports to the Board and updated the Trustees frequently on performance issues. In particular, they noted the Adviser’s efforts to correct the underperformance of the Equity Funds in recent years, including the enhancements made to the quantitative models of the Growth and MidCap Growth Funds to focus on lower volatility stocks. They concluded that the Adviser had (i) an excellent compliance record, and (ii) provided strong compliance oversight over the other service providers to the Funds. The Trustees also discussed that the Funds’ audits and regulatory exams had been clean and that the Adviser had made significant commitments to address regulatory requirements applicable to the Funds and the Adviser. Finally, the Trustees considered that the Adviser and its affiliates had other client relationships with most of the Funds’ shareholders and provided them with other services through these relationships. The Trustees concluded that the Funds would therefore benefit from the Adviser’s continued service to them.

Performance of the Funds – The Trustees considered both the short-term and long-term performance of each of the Funds. They also considered performance in light of market conditions and each Fund’s investment objectives and strategies including risk and credit parameters, if applicable. They reviewed and discussed the Lipper and other information presented, which compared each Fund’s performance with that of its benchmark and with the performance of comparable funds identified by Lipper.

The Trustees considered the Value Fund’s strong performance during the past year and noted that although the three-year performance figure continued to lag, performance over the five- and ten-year periods exceeded the Lipper category and benchmark. The Trustees observed that the MidCap Growth Fund’s returns exceeded those of the Lipper category over the past three years as a result of changes made by the Adviser to its quantitative model, including significant outperformance relative to its peers in recent months, although they noted its benchmark performance lagged for the same period. With respect to the Growth Fund, the Trustees considered that the Fund’s returns exceeded the Lipper category and beat the benchmark for the one-year timeframe but lagged the category and benchmark for longer periods of time. The Board discussed that the increase in returns in the past year seemed to be largely attributable to changes Commerce made to its quantitative investment model. The Trustees believed that the improved performance of the Growth and MidCap Growth Funds demonstrated that the enhancements to their quantitative models were working, and they determined that they would continue to monitor the effects of these changes.

The Trustees believed that the performance of the Fixed Income Funds was very satisfactory over all time periods. They noted that the returns of the Fixed Income Funds had finished ahead of the Lipper category for most recent time periods, although benchmark performance lagged for some periods. In particular, the Trustees considered that: the returns of the National Tax-Free Intermediate Bond Fund exceeded the Lipper category in all time periods, except the three-year, and that benchmark performance often lagged; and the Missouri Tax-Free Intermediate Bond Fund’s and Kansas Tax-Free Intermediate Bond Fund’s returns outpaced their Lipper category in all time periods but often lagged the benchmark. The Trustees discussed that the Bond Fund’s returns had exceeded the Lipper category for all time periods and the benchmark for the three-, five- and

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Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

9.   OTHER MATTERS (continued)

ten-year periods and that the Short-Term Government Fund’s returns had also exceeded the Lipper category for all time periods while at the same time lagging the benchmark.

Fund Fees and Expenses – The Trustees next reviewed each Fund’s advisory fees and net expense ratios versus similar funds as presented in the Lipper information. They observed that the advisory fees for the Bond, Short-Term Government, National Tax-Free Intermediate Bond, and Kansas Tax-Free Intermediate Bond Funds were generally higher than those of their peers, while those for the Value, Growth, MidCap Growth and Missouri Tax-Free Intermediate Bond Funds were generally lower. They also discussed the impact of recent advisory fee reductions for the Growth and MidCap Growth Funds. The Trustees considered that except for the Growth, Bond, MidCap Growth and Value Funds, net expenses for the Funds were higher than those of their peers. The Trustees noted that where Fund expenses were higher, it was within a range of 1-9 basis points and that net expenses for each of the Equity Funds were at least 20 basis points lower than those of their peers. The Trustees considered the amount of assets in the Funds, the Funds’ share structure and the Adviser’s caps on total operating expenses for each of the Funds (except the MidCap Growth Fund), and the reimbursements made by the Adviser to maintain those caps. The Trustees also considered the Lipper expense versus three-year performance charts in determining whether shareholders were generally receiving value for the services provided by the Adviser.

The Trustees also reviewed information provided on the Funds’ advisory fees compared to advisory fees charged by the Adviser’s affiliate to similar institutional accounts managed by Commerce personnel. The Trustees considered that these accounts were not managed by the Adviser but by its affiliate, CTC; however, some of the Adviser’s same investment personnel provided these advisory services. In some cases, the fees charged to institutional accounts were lower than the fees charged to the Funds and in other cases the fees were about the same or higher. More particularly, for the Growth strategy, the Growth Fund’s advisory fees were generally in the middle of fees charged to CTC’s similar institutional accounts; the Bond, MidCap Growth and Short-Term Government Funds’ advisory fees were generally higher than other similar institutional accounts; and the Value Fund’s advisory fees were lower than most other similar institutional accounts. The Trustees were told that there were no similar institutional account strategies for any of the Tax-Free Funds. The Trustees noted that the Adviser provided significant additional services for the Funds that its affiliate did not provide to non-mutual fund clients, including administrative services, oversight of the Funds’ other service providers, Trustee support, regulatory compliance, risk management monitoring and numerous other services, and that in servicing the Funds, the Adviser assumed many legal risks that its affiliate did not assume in servicing many of its similar clients.

Costs of Services and Profits Realized by the Adviser – The Board considered the Adviser’s cost of providing advisory services to the Funds, both on a pre- and post-marketing cost basis, as well as its profitability. The Trustees considered that the Adviser had reduced its advisory fees for the Growth and MidCap Growth Funds in 2015 pursuant to a Fee Reduction Commitment, under which the Funds’ advisory fees were permanently reduced and the advisory fee for the MidCap Growth Fund was made subject to a breakpoint. It was also noted the Adviser’s cost allocation methodology had not changed. The Trustees discussed that the Adviser appeared to have a rigorous and consistent program in place to control Fund expenses, noting that total net expense ratios for seven of the eight Funds had decreased or remained the same since the previous year. They observed that even as the Funds’ overall net assets had increased over the previous year, the Adviser’s profitability had decreased. The Trustees considered the Adviser’s profitability in light of the profitability of other investment advisers’ publicly-reported profitability margins, as provided by Lipper, and noted that it was below the Lipper average profitability. The Board took into account, however, that profitability varies significantly based on an asset manager’s business, products, services and other factors, making comparisons somewhat unreliable.

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9.   OTHER MATTERS (continued)

Economies of Scale – The Trustees considered that the Funds (other than the Value Fund and the Growth Fund) had breakpoints in their respective advisory fee schedules and that the Growth and MidCap Growth Funds had recently experienced significant advisory fee reductions. In addition, the Trustees considered that the Adviser was reimbursing expenses to certain of the Funds to keep them within their fee caps.

Fall-Out Benefits – The Trustees considered that the Adviser benefitted from its relationship with the Funds through receipt of soft dollars, its contract as a Co-Administrator of the Funds, CTC’s receipt of shareholder servicing fees and the Funds’ contribution to the scale of Commerce’s advisory business. The Trustees considered that they receive regular, extensive quarterly reports on the Adviser’s soft dollar program and that its program was in compliance with Section 28(e) of the Securities Exchange Act of 1934.

The Trustees concluded at the Annual Contract Meeting with respect to all of the Funds that the investment advisory fees paid by the Funds were reasonable in light of the services provided by the Adviser, Fund performance, the Adviser’s costs and the Funds’ current and reasonably foreseeable asset levels as well as the fallout benefits to the Adviser. For these reasons, the Board determined that the Advisory Agreement should be reapproved and continued.

10.   SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities date have been evaluated through the date the financial statements were issued. Commerce and GSAM have concluded that there is no impact requiring adjustment or disclosure in the financial statements.

11.   SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Growth Fund
	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015
	Shares			Dollars			Shares			Dollars
Shares sold		322,474		$	8,533,543			590,219		$	16,955,282
Reinvestment of distributions		98,790			2,666,416			223,737			6,345,334
Shares redeemed		(293,280	)		(7,799,258	)		(411,496	)		(11,930,692	)
Net Increase		127,984		$	3,400,701			402,460		$	11,369,924
	Value Fund
	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015
	Shares			Dollars			Shares			Dollars
Shares sold		1,321,737		$	37,138,514			1,182,636		$	37,673,012
Reinvestment of distributions		445,017			12,594,436			216,989			6,917,756
Shares redeemed		(919,475	)		(25,762,353	)		(2,388,388	)		(75,771,897	)
Net Increase (Decrease)		847,279		$	23,970,597			(988,763	)	$	(31,181,129	)

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Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

11.   SUMMARY OF SHARE TRANSACTIONS (continued)

	MidCap Growth Fund
	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015
	Shares			Dollars			Shares			Dollars
Shares sold		773,140		$	25,181,786			349,839		$	12,454,249
Reinvestment of distributions		36,837			1,230,493			63,418			2,222,919
Shares redeemed		(169,298	)		(5,519,985	)		(215,130	)		(7,770,044	)
Net Increase		640,679		$	20,892,294			198,127		$	6,907,124
	Bond Fund
	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015
	Shares			Dollars			Shares			Dollars
Shares sold		7,803,200		$	154,410,030			12,499,118		$	254,047,057
Reinvestment of distributions		259,664			5,155,441			540,139			10,946,978
Shares redeemed		(3,867,475	)		(76,660,719	)		(6,341,302	)		(128,322,824	)
Net Increase		4,195,389		$	82,904,752			6,697,955		$	136,671,211
	Short-Term Government Fund
	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015
	Shares			Dollars			Shares			Dollars
Shares sold		767,537		$	13,343,353			6,435,726		$	112,662,941
Reinvestment of distributions		16,549			287,632			55,708			974,457
Shares redeemed		(1,045,954	)		(18,166,534	)		(6,106,927	)		(106,718,939	)
Net Increase (Decrease)		(261,868	)	$	(4,535,549	)		384,507		$	6,918,459

76

COMMERCE FUNDS

11.   SUMMARY OF SHARE TRANSACTIONS (continued)

	National Tax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015
	Shares			Dollars			Shares			Dollars
Shares sold		2,194,471		$	43,353,983			2,604,980		$	50,752,152
Reinvestment of distributions		9,024			178,524			17,556			342,492
Shares redeemed		(703,236	)		(13,884,065	)		(1,642,643	)		(32,015,601	)
Net Increase		1,500,259		$	29,648,442			979,893		$	19,079,043
	Missouri Tax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015
	Shares			Dollars			Shares			Dollars
Shares sold		2,021,787		$	39,786,588			2,410,780		$	47,128,026
Reinvestment of distributions		29,149			574,240			56,692			1,108,467
Shares redeemed		(785,174	)		(15,446,287	)		(2,298,828	)		(44,913,473	)
Net Increase		1,265,762		$	24,914,541			168,644		$	3,323,020
	Kansas Tax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015
	Shares			Dollars			Shares			Dollars
Shares sold		1,042,701		$	20,414,115			1,276,889		$	24,795,514
Reinvestment of distributions		8,123			159,211			17,008			330,644
Shares redeemed		(381,895	)		(7,482,030	)		(691,940	)		(13,440,785	)
Net Increase		668,929		$	13,091,296			601,957		$	11,685,373

77

COMMERCE FUNDS

Fund Expenses – Six Month Period Ended April 30, 2016 (Unaudited)

As a shareholder of the Funds you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; shareholder servicing fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2015 through April 30, 2016.

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees, but shareholders of other funds may incur such costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 11/1/15		Ending Account Value 4/30/16			Expenses Paid for the 6 months ended 4/30/16*		Beginning Account Value 11/1/15		Ending Account Value 4/30/16			Expenses Paid for the 6 months ended 4/30/16*		Beginning Account Value 11/1/15		Ending Account Value 4/30/16			Expenses Paid for the 6 months ended 4/30/16*		Beginning Account Value 11/1/15		Ending Account Value 4/30/16			Expenses Paid for the 6 months ended 4/30/16*
Fund	Growth Fund							Value Fund							MidCap Growth Fund							Bond Fund
Shares
Actual	$	1,000.00	$	1,025.25		$	4.13	$	1,000.00	$	1,047.09		$	3.57	$	1,000.00	$	1,023.17		$	4.43	$	1,000.00	$	1,024.05		$	3.37
Hypothetical 5% return		1,000.00		1,020.79	+		4.12		1,000.00		1,021.44	+		3.53		1,000.00		1,020.49	+		4.42		1,000.00		1,021.53	+		3.37
	Short-Term Government Fund							National Tax-Free Intermediate Bond Fund							Missouri Tax-Free Intermediate Bond Fund							Kansas Tax-Free Intermediate Bond Fund
Shares
Actual	$	1,000.00	$	1,006.25		$	3.39	$	1,000.00	$	1,031.79		$	3.14	$	1,000.00	$	1,027.33		$	3.23	$	1,000.00	$	1,024.42		$	3.52
Hypothetical 5% return		1,000.00		1,021.48	+		3.42		1,000.00		1,021.84	+		3.13		1,000.00		1,021.74	+		3.23		1,000.00		1,021.38	+		3.52

* Expenses are calculated using each Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2016. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the year. The annualized net expense ratios for the period were as follows:

Fund			Fund
Growth	0.82	%	Short-Term Government	0.68	%
Value	0.70		National Tax-Free Intermediate Bond	0.62
MidCap Growth	0.88		Missouri Tax-Free Intermediate Bond	0.64
Bond	0.67		Kansas Tax-Free Intermediate Bond	0.70

+ Hypothetical expenses are based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses.

78

COMMERCE FUNDS

The Commerce Funds

Growth Fund:

The Fund is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Investments in technology companies, which may produce or use products or services that prove commercially unsuccessful or become obsolete, may be subject to greater price volatility than securities of companies in other sectors. The Fund is also subject to quantitative model risk, which is the risk that securities selected using quantitative models may perform differently from the market as a whole for many reasons, including the factors used in building the model and the weights placed on each factor, among others. The quantitative model used by the Adviser to manage the Fund may not perform as expected, particularly in volatile markets.

Value Fund:

The Fund is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The Fund is also subject to quantitative model risk, which is the risk that securities selected using quantitative models may perform differently from the market as a whole for many reasons, including the factors used in building the model and the weights placed on each factor, among others. The quantitative model used by the Adviser to manage the Fund may not perform as expected, particularly in volatile markets.

MidCap Growth Fund:

The Fund invests in small- and mid-capitalization securities. Generally, smaller and mid-sized companies are more vulnerable to adverse developments because of more limited product lines, markets or financial resources. As a result, the securities of smaller and mid-sized companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic trading and price movements. Investments in technology companies, which may produce or use products or services that prove commercially unsuccessful or become obsolete, may be subject to greater price volatility than securities of companies in other sectors. The Fund is also subject to quantitative model risk, which is the risk that securities selected using quantitative models may perform differently from the market as a whole for many reasons, including the factors used in building the model and the weights placed on each factor, among others. The quantitative model used by the Adviser to manage the Fund may not perform as expected, particularly in volatile markets.

Bond Fund:

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Mortgage-backed securities, especially collateralized mortgage-backed securities, may be subject to risks that include price volatility, liquidity and enhanced sensitivity to interest rates. Asset-backed securities may be less liquid than other securities and therefore more difficult to value and liquidate, if necessary.

Short-Term Government Fund:

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Mortgage-backed securities, especially collateralized mortgage-backed securities, may be subject to risks that include price volatility, liquidity and enhanced sensitivity to interest rates.

79

COMMERCE FUNDS

The Commerce Funds (continued)

National Tax-Free Intermediate Bond Fund:

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. Investments in municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation or legislative changes. The Fund’s investments may subject shareholders to the federal alternative minimum tax and state income taxes.

Missouri Tax-Free Intermediate Bond Fund:

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The Fund invests its assets predominately in Missouri bonds. The actual payment of principal and interest on these bonds is dependent on the Missouri General Assembly allotting money each fiscal year for these payments. The Fund is non-diversified. Due to the small number of bonds generally held in the portfolio, the Fund may be subject to greater risks than a more diversified fund. A change in the value of any single holding may affect the overall value more than it would affect a diversified fund that holds more investments. Investments in municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation or legislative changes. In addition, the Fund’s investments may subject shareholders to federal alternative minimum tax. The investment income from this Fund may be subject to state income taxes.

Kansas Tax-Free Intermediate Bond Fund:

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The Fund invests its assets predominately in Kansas bonds. The actual payment of principal and interest on these bonds is dependent on the Kansas legislature allotting money each fiscal year for these payments. The Fund is non-diversified. Due to the small number of bonds generally held in the portfolio, the Fund may be subject to greater risks than a more diversified fund. A change in the value of any single holding may affect the overall value more than it would affect a diversified fund that holds more investments. Investments in municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation or legislative changes. In addition, the Fund’s investments may subject shareholders to federal alternative minimum tax. The investment income from this Fund may be subject to state income taxes.

80

INVESTMENT ADVISER AND CO-ADMINISTRATOR
Commerce Investment Advisors, Inc.
922 Walnut Street
4th Floor
Kansas City, Missouri 64106
CUSTODIAN/ACCOUNTING AGENT
State Street Bank & Trust Company
1 Lincoln Street
Boston, Massachusetts 02111
TRANSFER AGENT
Boston Financial Data Services, Inc.
330 W. 9th
4th Floor
Kansas City, Missouri 64105
DISTRIBUTOR
Goldman, Sachs & Co.
200 West Street
New York, New York 10282
CO-ADMINISTRATOR
Goldman Sachs Asset Management, L.P.
200 West Street
New York, New York 10282
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
KPMG LLP
Two Financial Center
60 South St.
Boston, MA 02111
LEGAL COUNSEL
Drinker Biddle & Reath LLP
One Logan Square
Ste. 2000
Philadelphia, Pennsylvania 19103-6996
This Semi-Annual Report contains facts concerning The Commerce Funds’ objectives and policies, management, expenses, and other information. For more complete information about The Commerce Funds, a prospectus may be obtained by calling 1-800-995-6365. An investor should read the prospectus carefully before investing or sending money.
The Commerce Funds are advised by Commerce Investment Advisors, Inc., a subsidiary of Commerce Bank, which receives a fee for its services. The Commerce Funds are distributed by Goldman, Sachs & Co.
The Commerce Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov. You may also review and obtain copies at the SEC’s Public Reference Room in Washington, D.C. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330. A description of the policies and procedures that The Commerce Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without change, upon request by calling 1-800-995-6365 and (ii) on the SEC’s website at http://www.sec.gov.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the Prospectus carefully before investing or sending money. The Prospectus contains this and other information about a Fund and may be obtained from your authorized dealer or from Commerce Funds by calling 1-800-995-6365.
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

TRUSTEES
Martin E. Galt III, Chairman
David L. Bodde, Lead Independent Trustee
Charles W. Peffer
James M. Snowden, Jr.
OFFICERS
William Schuetter, President
Angela Dew, Vice President, Chief Compliance Officer, and Secretary
Jeffrey Bolin, Vice President
Peter W. Fortner, Chief Accounting Officer
Scott McHugh, Treasurer
Philip V. Giuca Jr., Assistant Treasurer
Andrew Murphy, Assistant Secretary
Commerce funds TM
922 Walnut
Fourth Floor
Kansas City, Missouri 64106
www.commercefunds.com
1-800-995-6365
49627-TMPL-06/2016

ITEM 2. CODE OF ETHICS.

Not applicable for the reporting period.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for the reporting period.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for the reporting period.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) The Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT

INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND

AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There has been no material change to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1)	Not applicable for the reporting period.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.
(a)(3)	Not applicable.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

THE COMMERCE FUNDS

/s/    Bill Schuetter        

Bill Schuetter

President

July 6, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

/s/    Bill Schuetter        

Bill Schuetter

President

The Commerce Funds

July 6, 2016

/s/     Peter Fortner        

Peter Fortner

Chief Accounting Officer

The Commerce Funds

July 6, 2016